A fashion first in India, Bitcoin will now be accepted at Cyankart

By

Isabelle Crossley

Published
Jul 24, 2017

On Monday 17th July, Cyankart announced that it had added Bitcoin as a payment option for its web portal, becoming the first fashion retailer to do so in India.

Virtual currencies are still very new in India and the government is currently discussing if, how, and when to legalise Bitcoin cryptocurrency in the country. Moreover, there are only a handful of online retailers that currently accept bitcoin payments. However, this may be about to change as a recent CNBC India report stated that officials from the Ministry of Finance along with the Ministry of IT, NITI Aayog, and officials from the Reserve Bank would potentially legalise the online currency soon.

Cyankart has now become the first fashion and lifestyle store to accept Bitcoin payments and Abhay Bajaj, one of Cyankart’s three founders said, “This is a big move for us. We believe the cryptocurrency movement is just starting to pick up pace in India and it won’t be much time before we’ll start seeing people using Bitcoin as regularly as they use mobile wallets at the moment.” Post-demonetisation in November there has been a swift rise in online payments and so Bitcoin may indeed profit from this latest economic trend.

Cyankart India Pvt Ltd was founded in 2013 by Abhay Bajaj, Varun Jain, and Aditya Bajaj and the business is based in New Delhi. Along with clothing, products available through the e-commerce portal include toys, mobile phone and laptop sleeves, health and beauty items, and books. The website has a wide range of TV and movie merchandise as well as casual and occasion wear.