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BitPay Partner For Crypto Acceptance Glamnetic

Glamnetic, BitPay Partner For Crypto Acceptance

June 08, 2021 at 10:26PM
by PYMNTS

Glamnetic, a magnetic eyelash brand, has rolled out a new partnership with BitPay, allowing the acceptance of cryptocurrency as a payment method, according to a press release.

Bitcoin, ether, dogecoin and others will be accepted, the release stated. Glamnetic will keep the cryptocurrency sales on its balance sheet instead of converting them to U.S. dollars.

Founder and CEO Ann McFerran started the company in 2019 to develop “magnetic lashes in the styles that she would personally wear,” according to the release. The company was worth $50 million after its first year.

McFerran said in the release that she decided to accept crypto because she wants to stay on top of payment trends and as she’s an investor in crypto herself.

The change will help boost female empowerment, according to the release, as Glamnetic’s customers are primarily female, and offering crypto payments will help more women get into the field.

“While Glamnetic has quickly raised the bar in the beauty space with our easy-to-use, transformational products, we are equally proud to be empowering our predominantly female consumer base with the tools they need to get educated about cryptocurrency and become comfortable using digital currency as a method of payment,” McFerran said in the release. “I want to encourage women, in particular, to get involved in the cryptocurrency revolution, and with our BitPay partnership, we can all learn, grow and embrace the future together.”

PYMNTS reported that if crypto is to achieve mainstream acceptance, it must be accepted by merchants. BitPay CEO Stephen Pair, Fancy CEO Greg Spillane and Jomashop Vice President Alex Sternberg said transitioning from hype to everyday commerce is essential for crypto.

Digital currency could be well on its way to ubiquity, as only 8 percent of people PYMNTS surveyed haven’t heard of bitcoin or other popular cryptos.