Amazon Marketplace Owners Can Now Be Bought Out in Crypto
Elevate Brands is teaming up with Coinbase to offer the option.
Jan 27, 2022 at 2:00 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/7AQVSZKNVBBZBBODB3E4IPOHM4.jpg)
Amazon regional headquarters in Sunnyvale, Calif. (Smith Collection/Gado/Getty Images)
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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.
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Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.
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