Lanieri, a leading Milan-based fashion brand that specializes in 100% Italian-made bespoke custom suits and formal wear, has recently announced that it is now accepting Bitcoin as a payment method. Joining the roster of thousands of merchants worldwide that are adopting the soon to be ubiquitous cryptocurrency, Lanieri is concreting its position as the first fashiontech brand to accept digital currently in Italy.
The decision to accept Bitcoin by Lanieri was announced only days after financial giant JP Morgan CEO James Dimon made declarations that causes the currency to dip slightly, a move that has prompted accusations or market manipulation from several international financial watchdogs.
The forward-leaning perspective adopted by Lanieri is intended to position the brand as a market leader in the emerging cryptocurrency merchant ecosystem and gain access to a new international consumer base. The emerging lucrative cryptocurrency market, from Lanieri’s perspective, has created a new luxury market aimed at providing wealthy cryptocurrency investors with an opportunity to convert their newly-minted crypto wealth in valuable goods.
Despite frequent market oscillations, the value of Bitcoin has risen dramatically over the last year, and at the time of this report is priced at a little over $4,200 USD per coin. Bitcoin’s market cap now exceeds $70 billion USD, outstripping both PayPal and Twitter in terms of value.
In the last few months, the value of Bitcoin has been rocked by regulatory moves from China, but as the growth in value of Bitcoin is beginning to resemble an S-curve, more investors are beginning to take note of it as a consistent method of storing value and transferring capital.
The rapid growth of the Bitcoin and cryptocurrency investment market has created new opportunities for business to capitalize on an internationally connected group of wealthy digital entrepreneurs. Simone Maggi and Riccardo Schiavotto, the founders of the Lanieri platform, aim to be the first sartorial goods provider to capitalize on this growing consumer niche.
On the adoption of Bitcoin as a payment method on the Lanieri platform, co-founder Simone Maggi has stated:
“It’s too soon to say whether it’s a bubble or a real currency able to challenge the traditional currencies: we believe it’s an opportunity for our customers. Lanieri means fashiontech and it was natural to bring innovation even to the accepted payment systems… We aspire to dress up the new global generation of smart nerd entrepreneurs and managers who are driving the current technological revolution in every sector”.”
The estimated total number of unique Bitcoin users is estimated to range between 5 and 10 million individuals, a figure that is estimated to grow to over 16 million users by the end of 2017. This new consumer demographic will now be able to order bespoke, made-to-measure garments made from the finest Italian fabrics.
Co-founder Simone Maggi also commented on the speed of blockchain based transactions:
“Innovating the sartorial service is also introducing payment methods that ease our users’ transactions”, allowing them to make payments which are extremely quick and secure. In May, we were the first to support Apple Pay in Italy and now, following some early adopters’ numerous requests, we decided to introduce bitcoin payments”