Connected Economy: Off-White Accepts Crypto

Today in the connected economy, Off-White becomes the latest clothing brand to accept payments in cryptocurrency and stablecoins, while banking solutions company Cashfree Payments launches a new verification tool as part of its know your customer (KYC) offerings. Plus, mobile payment solution DigiWallet joins forces with software firm Telepin to improve mobile financial services in Belize.

Luxury Label Off-White Embraces Crypto Payments

Luxury label Off-White has begun accepting cryptocurrency payments in bitcoin, Ethereum, Binance Coin and Ripple at its stores in Paris, London, and Milan. In addition, shoppers can also use stablecoins Tether and USD Coin to purchase clothing and other products from Off-White. With this news, Off-White becomes the latest clothing brand to move into the crypto space. Last month, Reebok owner Authentic Brands said it added non-fungible token (NFT) and cryptocurrency payments to bolster the sneaker company following its $2.5 billion purchase.

Cashfree Payments Intros KYC Automation Tool

Banking solutions company Cashfree Payments is rolling out a new verification tool as part of its KYC suite of authentication products. Aadhaar Verification adds to the existing solutions in the company’s toolbox that provide authentication of bank accounts, including PAN, UPI, and IFSC. Aadhaar enables real-time user identity by matching the Aadhaar number entered with its database.

DigiWallet Teams With Telepin to Advance Mobile Financial Services

Mobile payment solution DigiWallet is working with mobile financial services software firm Telepin to provide better mobile financial services in Belize. “DigiWallet will revolutionize the payment experience in Belize, driving innovation, financial inclusion and greater financial choices for Belizeans,” said DigiWallet CEO Ivan Tesucum.

VC Firm Daphni, Carrefour Partner on Fund for Digital Retail Startups

French multinational retail firm Carrefour Group has joined forces with the venture capital firm Daphni to launch Dastore, a fund for early-stage startups in the digital retail sector. Dastore will begin by backing early-stage startups with large potential in France, with minority stakes totaling 80 million euros (about $87.8 million). The efforts of the two founding companies are intended to give startups a competitive advantage along with access to experience and global markets.