Beauty and the Bitcoin: Female-focused brands accept crypto payments driving adoption

The billion-dollar beauty industry has taken a recent interest in Bitcoin. Glamnetic, is the first beauty company to accept crypto payments. 

Beauty industry bets on Bitcoin

Ann McFerran, CEO and founder of Glamnetic, a magnetic eyelash beauty brand, now accepts Bitcoin, Ethereum (ETH) and Dogecoin (DOGE) through a recent partnership with Bitcoin payment provider BitPay. According to McFerran, Glamentic is one of the very first female-founded beauty brands to support crypto payments.

After launching Glamentic in July 2019, McFerran was determined to incorporate crypto payments into the brand to encourage women to use cryptocurrency:

“The beauty industry is a sector where crypto payments aren’t widely accepted. I wanted Glamnetic to be one of the first brands to support crypto payments since I’m a huge believer in cryptocurrency and because I want to bring more women into the space.”

The CEO mentioned that she believes there is still a lot of stigma associated with how crypto is being used today. “It was certainly not a secure payment method to begin with,” she remarked. McFerran noted that events such as Silk Road and Mt. Gox have further resulted in women’s disinterest in crypto: “Even to this day, women are not fully educated when it comes to crypto. I want to educate others so they can understand the risks and what they are potentially missing out on.”

Although transacting with Bitcoin and other cryptocurrencies for beauty products may encourage women to become interested in cryptocurrencies, this is just one part of the equation. Sanja Kon, CEO of Utrust — a banking system for crypto payments — told Cointelegraph that educating women around crypto depends heavily on a brand’s ability to reach their consumer base with the correct educational tools:

“More beauty brands adopting cryptocurrency payments can increase awareness, but not necessarily usage. Women need to feel comfortable using cryptocurrency as a payment method. In order for that to happen, brands should provide support and educational content to advocate adoption.”

McFerran further remarked that Glamnetic will be releasing a magnetic eyelash collection inspired by Dogecoin to help drive adoption: “I think people will be more open to the idea of crypto if you turn that concept into an entire beauty product.”

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