Bitcoin Adoption Accelerating In Asia Through Beauty Products.
April 17, 2018 10:59 am,
“We expanded our business internationally this past year and have had strong demand [for cryptocurrency] from customers in markets such as China and India, where fiat cross-border transactions have inefficiencies,” said Nathan Halsey, the CEO of Bellatorra, based in Beverly Hills, California. Indeed, one of the early use cases highlighting bitcoin ‘s innovation was cross-border payments where there were bottlenecks and high fees for transacting.
Bellatorra ran into these hurdles in Asian markets and says its wholesale customers began asking for the option of paying in bitcoin. So, in July 2017, the company began a relationship with bitcoin merchant services provider BitPay.
“We have completed multiple six-figure transactions, without an issue, and have settled funds from the time of customer payment to settling in U.S. dollars in our U.S. bank accounts in less than one business day,” Halsey continued.
And according to BitPay CEO Stephen Pair, Bellatorra’s experience in circumventing cumbersome traditional payments rails with crypto isn’t uncommon. Cosmetic companies such as Nuciya Beauty in Canada have found that people tend to spend more per purchase when they use cryptocurrency.
As such, Bellatorra is looking into adopting other cryptocurrencies and making them a bigger segment of their business, in the future.
“We are definitely pro-cryptocurrency as a payment option,” Halsey said, adding that the company has started holding onto small amounts of the cryptocurrencies it accepts instead of immediately cashing out.
For its retail customers, Bellatorra has already begun accepting litecoin and ether, ethereum’s native cryptocurrency.
Since BitPay doesn’t facilitate merchant payments in anything other than bitcoin and bitcoin cash, Bellatorra had to establish relationships with other processors to enable these cryptocurrency payments.
According to Halsey, using PayWithEther.com and GoUrl.io, Bellatorra garnered dozens of litecoin and ether payments from predominantly Asian customers spending roughly $300 to $1,000 per order.
While bitcoin’s transaction fees have come down significantly over the past several months, the thought of high fees has caused some merchants.
Cryptocurrency trading has seen huge amounts of adoption in Asian markets recently, with many industry observers asserting that if cryptocurrency businesses aren’t targeting these markets, they’ll be left behind.