- Malaysian custom t-shirt manufacturer SaltyCustoms will now accept cryptocurrency as a means of payment.
- They will first begin accepting crypto payment through their online configurator as well as larger orders.
It seems inevitable that we’ll all end up using cryptocurrency. Earlier this week, coding school Next Academy announced that they now accept it for school fees.
As more businesses begin to warm to the idea of accepting Bitcoin, Ethereum, and other forms of crypto as payment, Malaysian custom tee manufacturer SaltyCustoms has jumped in and announced that they will be the first apparel company in Malaysia to accept cryptocurrency payments, beginning end of January.
For the unfamiliar, SaltyCustoms is a Malaysian-based custom apparel manufacturer that supplies personalised T-shirts to businesses, with notable clients including Coca-Cola, Facebook, and HBO.
Launched in 2010, the brand now supplies custom tees as a one-stop platform with design, manufacturing, and logistics all being handled within.
Since starting out, the company has developed numerous verticals to supplement their business including LAUNCH, a platform allowing businesses and influencers to create and sell tees with their own designs, as well as their individual custom t-shirt designer app Doobie.
“With us accepting cryptocurrency, we are preparing for our future customers to buy from us,” said King Quah, Group Managing Director of SaltyCustoms. “Because when the future generation becomes more familiar with digital currency, we must adapt and be ready with different forms of payment.”
The team told us that they will be accepting Bitcoin and 45 other altcoins.
With the company heading towards MSC status this year, the decision was made unanimously by the directors of SaltyCustoms toward the end of 2017.
John Paul Chen, Managing Director of SaltyCustoms noted, “Staying true to our vision of being at the forefront of innovation in the apparel industry means that our outlook and mindset will always look beyond the current way of serving our customers.”
Given the current climate of cryptocurrency in Malaysia, John Paul also stated “We will be keeping a close watch on the tax evasion standpoint by setting up frameworks for what information to collect from a person paying using Bitcoin.”
This move also comes as Bank Negara Malaysia attempts to figure out how to regulate cryptocurrency transactions within the country.
“As regulators around the world—not just Bank Negara Malaysia—are looking for a viable and sustainable way to regulate cryptocurrency, we acknowledge the fact that this may take some time,” their leadership said.
“Our decision to move forward is driven by our complete understanding of the fast moving nature of the e-commerce industry and as a tech apparel company who’s constantly innovating we want to cater to a more global market.”
And despite some foreign governments deciding to altogether ban the use of cryptocurrency, SaltyCustoms feels optimistic about adopting this form of payment.
“Our decision to move ahead despite uncertainty isn’t our first and won’t be our last,” they said. “We believe that as long as we continue to provide value to our customers without causing any harm, we will push ahead.”
“We still accept other forms of payment and to us it’s just another avenue in which we accept payments.”
Consequently, SaltyCustoms believes that this move will enable them to become a globally relevant company, and hope to be among the brands pushing Asia’s economy forward.
“We hope to see our other e-commerce platforms follow suit,” said Calvin Tee, Director of Tech. “We believe that improving the way customers buy and transact online will allow the e-commerce industry a chance to grow even quicker, giving our customers more choices”.
SaltyCustoms will first begin accepting cryptocurrency for orders through their online configurator as well as for larger business dealings, with the rest of their offerings to follow suit as the year progresses.
Feature Image Credit: SaltyCustoms