SwapPay will be Australia’s first cryptocurrency for fashion
A fashion house that sells its affordable, on-trend clothes on online shopping powerhouse The Iconic hopes to encourage its Millennial customers to return unwanted items by offering them “virtual coins” to spend on one of their in-house brands.
Paul Elsibai, the founder of Australian Brands Alliance – which has nine brands sold on The Iconic – will soon launch SwapPay, a fintech start-up offering what is being billed as fashion’s first cryptocurrency.
Mr Elsibai said the initiative is an attempt to fix fashion’s “post-purchase” problem; the idea that much of the waste associated with the fashion industry actually happens once a piece of clothing has been bought. Australians buy, on average, 27 kilograms of textiles a year, and 23 kilograms are sent to landfill.
He wants to make it easier for young customers to donate unwanted clothing and reduce waste.
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