July 12, 2021 | 5 min read
Italy is renowned for its luxury fashion wears with major brands such as Valentino, Prada, Armani, and more headquartered in the city. The fashion industry accounts for 1.3% of Italian GDP, and in 2020, the e-commerce industry generated a revenue of US$22 billion, ahead of Brazil and Spain. Ranked the 14th biggest e-commerce market worldwide, Fabio Busatto and Luigi Longo jumped at the opportunity to launch Onteu—a designer fashion store accepting just crypto with the foresight of crypto being the future of money.
Onteu sells medium to luxury designer fashion wears at a high discount rate online. “There’s a community of crypto enthusiasts looking to spend their crypto for everyday wear, so we thought of starting a store that accepts just crypto,” said Fabio, owner of Onteu. “With Triple-A, it’s so quick and easy for us to integrate crypto payments onto our store. As crypto technology matures alongside people’s taste in premium apparel, the two worlds of crypto and fashion have converged.”
The fashion industry has long ago welcomed blockchain technology. Back in February 2018, the first Blockchain Fashion Conference was held in Keiv, Ukraine. Its vision was to link the fashion industry with the transformative power of blockchain. Since then, there were new crypto-related initiatives in the fashion industry and more influential fashion brands accepting crypto payments. One of the latest discussions includes tackling counterfeiting and transparency problems through the use of NFTs. Besides, NFTs represent exclusivity, where luxury emphasizes ownership exclusivity, which is why it’s highly sought after. From these, it’s evident that crypto is becoming essential to the fashion industry.
“Triple-A is very pleased to be the crypto payment gateway chosen by Onteu. Our vision is to revolutionize how businesses and customers connect through blockchain technology. Seeing more businesses in the fashion industry approaching us implies that the market is indeed shifting toward crypto acceptance,” said Eric Barbier, CEO of Triple-A.
It’s estimated that 2.14 billion people worldwide shop online. In a report by Pymnts, 57% of former or present crypto owners have made at least one purchase from the sale of real estate and jewelry to groceries and food from delivery platforms. And 59% of them who never owned crypto are interested in using it to make purchases in the future. This shows that consumers have now perceived crypto as a trusted payment option.
Triple-A allows online and offline businesses to accept cryptocurrency payments with zero price volatility risk by converting them to local currencies in real-time. With its easy setup, its highly competitive exchange rate, and its no-chargebacks payment system, Triple-A helps businesses increase their revenue by accessing the growing cryptocurrency users (300m+) community from all over the world.
From colleagues to friends, Fabio Busatto and Luigi Longo founded Onteu—a designer fashion store offering medium to luxury designer brands in more than 30 different sizes, ensuring everyone finds a designer piece that’s right for them.