TokenPay, a Switzerland based cryptocurrency start-up is investing in a lingerie business. In a recent filing with the U.S. Securities and Exchange Commission, TokenPay has spent US$ 1.3 million to acquire a 6 percent equity stake in Naked Brand Group (NAKD). However, it may take until 2020 or beyond for customers to buy Klum’s lingerie with TPay tokens.
NAKD is the Australian lingerie company, popularly known for supermodel Heidi Klum’s signature fashion lines.
On this occasion, TokenPay’s Derek Capo said,
“NAKD has been interested in working with a blockchain company for logistics. We’re excited on NAKD accepting TokenPay’s merchant services platform so that they can accept crypto across all of their brands. We’re working hard to get every single angle possible because there are many opportunities in this industry. Once you start using TPAY, we will provide you an opportunity to work with the German bank, open up a bank account there and convert your fiat if you want to.”
Currently, TokenPay has no formal commitment to integrate TPAY or TokenPay merchant services, but company’s investment in companies like Naked Brand Group and WEG Bank AG will eventually facilitate both TPAY use cases and the infrastructure for that token’s adoption.
This strategic move is a part of the broader diversification strategy of TokenPay. It is among the next steps after December 2017 token sale that netted 2,000 bitcoin (approx US$ 20 million).
Besides this, TokenPay has invested US$ 4 million of its sales earning on buying equity in Germany’s WEG Bank AG. Other purchases with token sale earnings included a 10 percent stake in TokenSussie – the privacy-coin-oriented mutual fund, BlockSize – an undisclosed amount of equity in the Latin American blockchain, and a portfolio of crypto-related domain names.
Till date, TokenPay has spent more than half of the fiat value of its token sale. It roughly retains 10 percent of its bitcoin in a long-term treasury and has spent US$ 1.5 million on operating costs.