Novelship, a Singapore-based marketplace for limited-edition sneakers, streetwear, and collectibles, announced Monday the launch of its crypto payout feature.
In partnership with TripleA, a crypto payment gateway licensed by the Monetary Authority of Singapore (MAS), sellers on Novelship can now opt to be paid with
cryptocurrencies, Novelship said in a statement.
According to the statement, TripleA will help sellers on Novelship receive their payments instantly, compared to traditional methods that take three to seven working days.
The partnership will continue to bridge the gap between traditional and digital payments and provide a faster way for sellers to get paid.
Earlier this year in March, Novelship conducted a survey of our customers and found that sneakerheads were requesting payment to be made in cryptocurrencies. It quickly partnered with TripleA to help customers easily and securely pay for their items with cryptocurrencies.
Since the addition of cryptocurrencies as its payment mode, over $250,000 worth of sneakers have been bought in cryptocurrencies. Also, Novelship has been able to serve more high-value customers, thus increasing the average order value per customer.
“Cryptocurrencies provide a unique opportunity for us to streamline our payments and provide a better experience for our users. The initial results of the pilot have been very promising, and we are thrilled to bring the payout feature to our sellers in the community. We are proud to be at the forefront of this
change, and we will continue to innovate through partners like TripleA and Binance to provide the best possible experience for our customers,” said Richard Xia, Chief Executive Officer of Novelship.
Novelship is Asia’s fastest-growing marketplace for enthusiasts to buy and sell from the World’s most popular and cutting-edge brands such as Nike, Air Jordan, Yeezy, Supreme and Kaws. Serving the sneaker and streetwear community across Singapore, Malaysia, Indonesia, Australia, New Zealand and Taiwan, it carefully curates and professionally authenticates every item in its collection.
With plans of launching an non fungible token (NFT) in the near future, Novelship said it continues its efforts in Web3 and recently also announced an integration with Binance Pay.
This integration with Binance allows its users to pay using any cryptocurrencies directly from their Binance Wallet, without incurring any fees.
“Many marketplaces like Novelship wish to accept payments and pay their sellers in cryptocurrencies but are not willing to take the volatility risk of holding cryptocurrencies. By partnering with TripleA, businesses get to pay and get paid in cryptocurrencies without holding cryptocurrency assets or worrying about regulations and AML screenings,” said Eric Barbier, Chief Executive Officer and Founder of TripleA.
TripleA helps businesses increase their revenue by enabling crypto payments and payouts, giving them access to the spending power of the fast-growing 300m+
cryptocurrency users. With its white-label, easy setup, instant confirmation, locked-in exchange rate, real-time fiat conversion, and no chargeback crypto payment solution, it meets the needs of all businesses which includes e-commerce merchants, retailers, game providers, PSPs, fintech, marketplaces and tech companies.
This news follows the recent announcement of TripleA’s first funding round, led by gaming giant Razer’s corporate venture arm.