Amazon Marketplace Owners Can Now Be Bought Out in Crypto
Elevate Brands is teaming up with Coinbase to offer the option.
:format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/7AQVSZKNVBBZBBODB3E4IPOHM4.jpg)
Amazon regional headquarters in Sunnyvale, Calif. (Smith Collection/Gado/Getty Images)
Amazon Marketplace owners who sell their business to Elevate Brands will now have the option of being paid in crypto.
- Elevate Brands, which holds a portfolio of Amazon-focused consumer products companies, is teaming up with Coinbase Prime to offer the option.
- “We’ve learned that [Fulfillment by Amazon] sellers are already well entrenched in crypto, so we are thrilled to be the first company in the Amazon ecosystem to offer the option of Cash or Coin,” Ryan Gnesin, CEO of Elevate Brands said in a press release.
- Elevate has raised over $370 million from institutional investors and owns over 30 private label brands. The company says it's a top 100 seller on Amazon.
- Amazon’s U.S. selling partners sold over 3.8 billion products and averaged more than $200,000 in sales, up year-over-year from about $170,000, according to Amazon’s 2021 small business empowerment report, released last October.
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.