Elevate Brands Offers Bitcoin Payouts…
Elevate Brands, a leader in acquiring and operating Amazon FBA businesses, announced today its “Cash or Coin” acquisition program and integration with Coinbase Prime. Through this integration we are allowing acquisition payouts to Amazon Marketplace Sellers to be offered in bitcoin and other cryptocurrencies.
This is what we believe to be the world’s first known institutional M&A rollup where crypto is actively offered as part of deal consideration and Elevate is the first Amazon aggregator to offer this as part of exit transactions.
“This move puts us at the forefront of a new digital age. We’ve learned that FBA 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,” said Ryan Gnesin, CEO of Elevate Brands. “Integrating with a leading company like Coinbase Prime helps Elevate get one step closer to our overall mission of putting an Elevate brand in every human hand.”
The partnership is already in full effect. Nick Eary, who sold his company to Elevate in 2021, will receive his earnout payment from Elevate in BTC next month. Sellers who get paid directly in crypto benefit from the advantages that a Coinbase Prime account provides– such as lower fees and high volume limits.
“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,” states Elevate’s first bitcoin payee, Nick Eary.
In addition to their M&A pipeline, Elevate has extended their “Cash or Coin” offer to their referral program. Anyone who refers an Amazon business to Elevate that they successfully acquire can now claim up to $500,000 in cash or in crypto equivalent.The first referral fee payout in crypto has recently been made in BTC to Empowery ECommerce Cooperative.
Founder of Empowery, Steve Simonson, explains “as a member-owned non-profit co-op dedicated to the eCommerce seller community, the Cash or Coin program came at the perfect time. We believe it is a unique opportunity to encourage our members to learn more about how crypto is changing the world. We needed a resource the co-op can trust, and we’re confident with our decision to hold crypto in a premier Coinbase Prime account.”
Elevate Brands has raised more than $370 million from leading global institutional investors, acquired a robust portfolio of 32 Amazon FBA private label brands and is acquiring new brands at a pace of 3-4 new per month. The start-up has recently opened its second headquarters in the buzzing tech hub of Austin, Texas, growing its global team of marketers and operators by more than 500% in 2021.