‘Crypto department store’ launches

Matthew Elmas

16th Mar 2018

The volatility of cryptocurrency markets has scared away its fair share of investors in recent months after the value of Bitcoin plunged from its all-time high of $19,173 last December to just $7,000 in less than two months.

But even as speculators continue to pile on, sending the value of Bitcoin back-up over the $10,000-dollar mark in recent weeks, there are those willing to bet on the long-term future of digital currencies.

Brisbane based e-commerce entrepreneur and founder of Bitshopping.com.au Lauren Pykett is one such person.

Pykett has rolled the dice on the longevity of digital money, launching an online store that she hopes will become the department store of cryptocurrencies.

“We’ve been watching the cryptocurrency space for a few years now and think its just going to keep growing,” Pykett said. “We’ve got a goal to be a big player in the space…like a department store for cryptocurrency.”

The website is specifically targeted at crypto traders looking for a quick and easy way to cash-out and accepts a variety of currencies, from Bitcoin to Ethereum and Litecoin through platforms like Bitpay.

Prices range from $30 – $400, organised through a network of national suppliers that Pykett has worked with on her other e-commerce venture, LaterGator.com.au – an e-commerce platform dedicated to buy-now-pay-later customers.

Pykett intends to hold a portion of the cryptocurrency that flows into the business but will on-sell the rest to her contacts in digital currency markets to pay for the ongoing operation of the business.

“There’s going to be quiet a correlation between what the market is doing and our sales,” Pykett admits.

“We’ll keep our finger on the pulse…hopefully they keep coming back each time they want to offload.”

A marketing plan to spread the word about the website will kick-off next week with targeted investment through social media and search channels.

“We understand that in 2018 it’s just the early adopters who will be our patrons, but as more and more people embrace it, we can see Bitshopping as a market leader in this space,” Pykett said.

Bitshopping will also accept conventional payment methods through payment provides Paypal and Stripe, although Pykett says AUD isn’t its target market.