- Danielle Wightman-Stone |
Artefact London has announced that it will become the first tailoring business in the world to accept LiteCoin, Bitcoin and Ethereum as payment options for its bespoke suits and other custom made garments.
Founder and entrepreneur Tatyana Kozhevnikova, explains: "At the end of 2017 I made a decision that as long as cryptocurrency carries value that can be legitimately converted into GBP and EUR, Artefact London will accept it as a method of payment."
The idea was inspired by a conversation with one of her South African-based clients, she said. While collecting a suit on a business trip to London he explained to Kozhevnikova that due to the instability of the banking and political systems, more and more Africans were diversifying into Bitcoins and other tokens.
Upon receiving a positive response to her question about whether the customer would prefer to pay in crytocurrency, Kozhevnikova decided to test payments in Bitcoin, LiteCoin and Ethereum to see if it would be of interest to wider audience, particularly to customers outside of the UK.
Kozhevnikova added: “People told me I am crazy. To which I say the idea of a single currency Euro seemed crazy to some people not long ago too. If there are customers that might find it convenient to use a ‘wallet’ to pay instead of a Visa Card – I don’t see why not give that option.
“I find the topic of tokens fascinating and am lucky to be in a position to test it for my own business. I am hoping that in the near future there will be sleek merchant solution applications to issue invoices and accept cryptocurrency payments.”
To assist customers the brand has placed a cryptocurrency converter on its website to calculate the cost.
Artefact London has a studio on Bond Street and blends the latest technology with traditional tailoring craftsmanship storing customers’ patterns electronically and laser cutting garments according to a client’s body measurements.
Image: courtesy of Artefact London by Irina Aksenova