Online M’sian Store With Cryptocurrency Payments & Merch
There are a number of cryptocurrency fans in Malaysia, but alas, it is not yet a norm, they may find that they lack the means to spend it.
Noting this gap in the market, Arravind Prabu, Vimal Selvamany, and Dhivager Rathakrishnan decided to set up a crypto merchandise and trading store, Cryptobilis. Thanks to it, crypto users could practice paying via currency.
“There is a term in the crypto space called Crypto Whales, which are wealthy crypto holders. Cryptobilis teases the majority who are on the opposite end of the scale, hence the term “ cryptobilis ” (ikan bilis) was invented, ”Arravind and Vimal shared with Vulcan Post.
Since their launch on December 1, 2020, they are a little older than 3 months in the company.
Using a self-developed encrypted payment gateway
Cryptobilis is actually owned by their parent company, Fetch International, which Arravind and Vimal co-founded in 2019. Fetch is a team of 11 people who have created their own crypto payment gateway, crypto gift cards, crypto wallets and now this merchandise store.
“Fetch’s goal is to help consumers and businesses use and participate in the growing ecosystem of cryptocurrency-powered apps,” they shared.
Currently, you can buy their merchandise with normal currencies or cryptocurrencies. For normal currencies, they work with SenangPay and Billplz, while for cryptocurrencies, they use their in-house developed payment gateway, Fetchpay.
On their site, some of their products that you can buy include caps, t-shirts, clocks, artwork, pillows, mugs, stickers, table cushions, etc. They also sell crypto related books on their site.
Their merchandise is quite affordable, in my opinion. The prices of products such as clothes, art, pillows, etc. range from RM30 to RM80.
They have also recently become an authorized reseller of Ledger SAS, which is a global crypto hardware holding company.
For those unfamiliar with crypto hardware wallets, these are basically cryptocurrency wallets that store your crypto assets with an added layer of protection against phishing sites, cyber attacks, and malware.
30% of their transactions come from crypto
The process of integrating their crypto payment gateway was quite straightforward since the system was built in-house.
On the backend, all of their payments are routed to a liquidity provider for immediate processing.
Dictionary time: A liquidity provider is a broker or market institution that behaves like a market maker in a chosen asset class. They buy and sell a particular asset at certain prices and can influence price stability as well as improve liquidity to make it more secure.
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“From now on, we are leveraging the liquidity of the LUNO exchange to instantly convert all payments into MYR to reduce our exposure to volatility,” they shared.
At the moment, Cryptobilis only accepts 4 of the major cryptocurrencies, namely Bitcoin, Ethereum, Litecoin and XRP.
“Almost 30% of our purchases are made using crypto. The majority of our payments are made through Bitcoin, Litecoin and Ethereum, ”they shared.
In the last 3 months they have seen almost 10% MoM growth for crypto payments and have managed to make 30K RM in sales so far. They predict that this figure will quadruple in the next 6 months.
“As we continually increase the awareness and reach of our brand, we anticipate that these numbers could increase by introducing new payment tokens that enable better payments like Stellar, Bitcoin Cash and BNB from time to time,” they said. added.
They are currently working to allow over 40 cryptocurrency payments in their own system, including Stablecoins, a type of cryptocurrency whose value is tied to an outside asset, like our Ringgit or gold, to stabilize the price. .
Tips for traders wishing to make crypto payments
“We believe cryptocurrencies are the future of payments, but we advise interested traders to first understand the risk associated with accepting cryptocurrencies as payments, such as security, custody, volatility and liquidity. ”
“They should also engage with industry experts before implementing an encrypted payment system,” Arravind and Vimal advised.
Although their platform is aimed more at small crypto players, Cryptobilis plans to introduce a new line of products to target crypto-whales.
As they are still in the embryonic stage of their business, their main challenge is mainly to increase brand awareness and reach in a still niche and unknown sector in the country.
- You can read more about Cryptobilis here.
- You can read more fintech related articles than we wrote here.
Featured Image Credit: Arravind Prabu and Vimal Selvamany, Cryptobilis Co-Founders
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