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Elevate Brands Offering Bitcoin Payouts on Coinbase Prime

Elevate Brands announced today its “Cash or Coin” acquisition program and integration with Coinbase Prime.

As per industry observations, Elevate Brands is always looking for ways to make its acquisition and operating processes more efficient. They announced today that they would be integrating with Coinbase Prime to receive payment in bitcoin or other cryptocurrencies. It should help them conserve money by not having upfront costs when acquiring products from the Amazon marketplace.

This innovative new strategy enables Elevate to capitalize on opportunities in the crypto space and offers investors unprecedented access.

Ryan Gnesin, CEO of Elevate Brand, said;

“We’re excited to be at the forefront of Amazon’s new digital age, and we believe that cash or coin will make it easier than ever for consumers who want access into cryptocurrencies”

He further added;

“Integrating with Coinbase Prime gives us an edge in bringing our brands closer towards achieving this goal.”

Bitcoin price has managed to hold $37K price support well. Source: Tradingview.com

Nick Eary sold his company last year to Elevate. He will receive his bitcoin payouts next month. Sellers who get paid directly through the Coinbase Prime account benefit from lower fees or high volume limits and can access features not available on other platforms.

Nick said with excitement in an interview about Elevate’s first crypto payee:

“When I sold my business, I had planned to allocate some of the funds to bitcoin. The fact that I could be paid in crypto instantly through Elevate made investing a much simpler process.”

Elevate Offer Bitcoin Payouts For Referral Program 

In a move that could be the start of many more crypto-based incentive programs, Elevate has recently introduced its new referral program. Anyone who refers a business to Amazon that they successfully acquire is eligible for up to $500K in cash or equivalent blockchain-based cryptocurrency (i.e., Bitcoin). Empowery ECommerce Cooperative received the first referral payout in Bitcoin.

Empowery founder Steve Simonson stated that Elevate’s Cash or Coin Program came at just in time. In his words, “Luckily we found the perfect way to learn more about cryptocurrency. We know it will be an exciting year, with many changes already happening. So we decided on Coinbase Prime as our crypto holder.”

Elevate’s team is making waves in the Amazon market. The company, which has rapidly grown its portfolio of private-label goods through deals and acquisitions over last year alone, has raised $370 million from leading global institutional investors and acquired 32 brands at a pace of 3-4 per month. The firm has grown by more than 500% since it opened its second headquarters in Austin, Texas.

Elevate Brands is a company that specializes in launching products on Amazon. They are currently ranked among the top 100 sellers of all time, and own 32 private label brands, including Sqribble bedding accessories for millennials.

Featured image from Pixabay, chart from TradingView.com

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Bitcoin Price Drops $1,000 In 12 Hours After Amazon Dispels Bitcoin Integration Rumors

Bitcoin price promptly lost $1,000 in 12 hours after an Amazon spokesperson confirmed that the company was not planning to add bitcoin to its platform. The price which had seen a major uptick in the price in the day following the news of the company accepting bitcoin has now started to correct back down.

Amazon rumors circulated the market, contributing to major gains in the crypto market. Coins like Bitcoin and Dogecoin saw over 10% gains added to their prices in just 24 hours. The crypto market recorded significant gains as the market saw hundreds of millions of shorts liquidated in a short period of time.

Related Reading | Over $800 Million Bitcoin Shorts Liquidated As Price Surges 12% In 24 Hours

As news spreads around the market of the denials, prices continue to fall across the board. Cryptocurrencies like Bitcoin and Ethereum have recorded dips in their prices in the last 12 hours following this.

Amazon Interested In Cryptocurrencies

A spokesperson for the company denied all rumors of Amazon integrating bitcoin on their platform and making its own native token. But this doesn’t mean that the company has no interest in the cryptocurrency industry. According to the spokesperson, Amazon will continue to explore the space and see what it holds for its customers.

“Notwithstanding our interest in the space, the speculation that has ensued around our specific plans for cryptocurrencies is not true. We remain focused on exploring what this could look like for customers shopping on Amazon.”

Bitcoin chart from TradingView.com

BTC loses $1,000 in following Amazon response | Source: BTCUSD on TradingView.com

No cryptocurrencies, in particular, were named in the email correspondence with CoinDesk in which the rumors were dispelled. But as the top cryptocurrency in the market, bitcoin is usually always the first point of contact when companies decide to dip their feet in the crypto market.

Market Impact Going Forward

Continuing on this streak might see the asset’s price falling even further down. Although the e-commerce giant did not completely denounce the entire industry. The market continues to record small losses as the hours go by. But so far, not a wide margin of losses.

Related Reading | Number Of Investors Holding Bitcoin Tripled In Last Three Years

The impact of the rumors of the Amazon bitcoin integration continues to show just how important adoption is to the wider crypto industry. Mainstream usage will be the final stage of adoption, and prices of BTC and other cryptocurrencies are likely to soar. A 10% gain in just hours following a rumor like this sets the stage for market reactions when actual adoptions like this happen.

Bitcoin has recorded over a 3% loss following this news, to be trading in the $37,000 price range.

Featured image from Al Jazeera, chart from TradingView.com