Billion-Dollar Beauty Industry Shows Recent Interest in Bitcoin

Billion-Dollar Beauty Industry Shows Recent Interest in Bitcoin
  • Many beauty industries have shown recent interest in Bitcoin.
  • Ann McFerran said that her company now accepts BTC, ETH, and DOGE.
  • More brands began to understand the benefits of accepting cryptos as a payment method.

Many beauty industries have shown recent interest in Bitcoin. CEO and founder of Glamnetic Ann McFerran, said that her company now accepts Bitcoin (BTC), Ethereum (ETH) and Dogecoin (DOGE) via a recent partnership with Bitcoin payment provider BitPay. Notably, Glamentic is the first female-founded beauty brand to support digital asset payments.

“The beauty industry is a sector where crypto payments aren’t widely accepted. I wanted Glamnetic to be one of the first brands to support crypto payments. Since I’m a huge believer in cryptocurrency and because I want to bring more women into the space.”

Moreover, recent data has revealed that 46 million people in the US plan to use cryptocurrency to pay for things like groceries or real estate. Even more, the payments giant Visa further revealed in July that its crypto-related cards processed over $1 billion in total spending during the first half of this year. 

In addition, McFerran shared that she began crypto investment in 2017. Also, she noticed that the space heavily male-dominated. To McFerran’s point, research firm BDC Consulting identified that only 8% of all crypto users were women in 2019. More so, after launching Glamentic in July 2019, McFerran plans to incorporate crypto payments into the brand to encourage women to utilize digital currency.

Yuvi Alpert, founder and CEO of Noémie, a jewelry company that also recently planned crypto payments. Added to this, he explained that the brand has presently only seen crypto sales with their female customers. Although this may be the case, identifying shows that the top products females are likely to spend digital assets on are travel and leisure, real estate and furniture or appliances.

Moreover, the crypto payments could be slow to catch on in the beauty industry, brands incorporating digital asset transactions will likely gain a competitive advantage. As per Kon, more brands began to understand the benefits of accepting cryptocurrencies as a payment method.

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Cryptocurrency and blockchain tech interest has enticed Carolyna to write for NewsCrypto. She made her personal mission to help non-crypto geeks to understand the technology with ease.