Pinterest Competitor Fancy Adds Bitcoin Payments
New York-based social e-commerce platform Fancy, a website known as the "Pinterest for shopping," is now accepting bitcoin.
The news was revealed in a 23rd January email from Fancy to its customers, which provided a basic introduction to bitcoin as well as simple directions on how bitcoin users can make bitcoin purchases
"Bitcoin is a cutting-edge digital currency that can be converted into cash," the email explained. "The checkout process works the same as you're used to. Simply select 'Pay with Bitcoin' as your payment method."
Fancy also revealed that the option to pay with bitcoin is not yet available on its mobile app, but that such functionality would "soon be available".
Another online retailer adds bitcoin
The news comes on the heels of decisions by online computer supply giant Tiger Direct and adult entertainment provider Naughty America to integrate bitcoin payments on 23rd January.
This influx of new companies into the bitcoin ecosystem further provides support for comments made by Overstock CEO Patrick Byrne who suggested other large companies would seek to follow his lead on bitcoin or risk losing market share.
"You'll see Amazon jump on board. You'll see other large companies - they have to because they cannot concede this whole section of the market to us," Byrne told The Associated Press earlier this week.
Impact
Founded in 2009, Fancy has received nearly $80m in venture capital to date, with its most recent Series C round adding $60m to that total. The company was even rumored to be sought after by Apple as a possible acquisition in 2012.
Fancy earns $3m each month and was valued at $600m as recently as July 2013, meaning it would be one of the larger businesses to begin accepting bitcoin to date.
Further, Fancy has a reputation for innovation in e-commerce. Founder Joseph Einhorn has been heralded for adding more user-friendly functionalities, such as image recognition in product comparisons and user-submitted inventory, to Fancy's website. However, while notable, such additions have yet to become widespread in e-commerce, a development that may suggest a lack of consumer interest in such shopping models.
Past investors in Fancy include American Express, Facebook co-founder Chris Hughes, General Catalyst Partners, Square founder Jack Dorsey and actor Will Smith.
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