Amazon marketplace owners who sell their businesses to Elevate Brands will be able to get paid in crypto if they want.
Elevate Brands will collaborate with Coinbase Prime to enable this feature. The CEO of the company, Ryan Gnesin, said:
“We learned that Amazon sellers are well-established within the crypto ecosystem. That’s why we’re excited to be the first company in the Amazon ecosystem to offer a cash or crypto option.”
Elevate Braneds has raised $370 million from institutional investors and owns more than 30 brands. According to the company’s statement, there are 100 sellers in Amazon.
According to Amazon’s 2021 small business empowerment report released last October, Amazon’s purchasing partners in the US have sold more than 3.8 billion products and generated $200,000 in revenue.
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