Artefact London is a company that makes custom suits. It made the 2018 Forbes 30 Under 30 List and is currently accepting cryptocurrency in exchange for the well-tailored suits at its store in Westminster.
Last year, the 28-year-old founder of the company, Tatyana Kozhevnikova, was inspired while talking about cryptocurrencies with a customer who resides in South Africa. The customer disclosed that many people in South Africa stored their assets in cryptos because of the unstable political, banking and fiat systems of the area.
Kozhevnikova said: “He told me, ‘If you introduced it, I would pay in Bitcoin every single time.
“I thought it was something quite risky, and I didn’t entirely understand how the value was working, and we had this whole debate.”
She then contacted her accountant who informed her that, as the HM Revenue & Customs does not yet have the guidelines for business that are done in cryptocurrencies, the currency continues to be free from the regulations of the government – so the duo designed a system for how customers could begin paying in cryptocurrencies.
Artefact London is said to be the first tailoring shop that will transact with cryptocurrencies and is currently one of the two clothing and accessory shops in London that caters such transactions, the other being the Himalayan People at the Kemp House in Shoreditch.
Kozhevnikova said that she is excited to start and that she recently opened her first wallet with Kraken, though she said that she would have to immediately convert most of the cryptocurrencies to fiat – in euros and not GBP because the exchange rates of the latter are too high – to pay her bills and suppliers.
“I want to see how it goes and if it’s popular — or even if it’s just a small percentage, that’s fine,” stated Kozhevnikova about customers adopting the new payment means.
“I’m just really, really curious to test how much it is in demand, just because the whole area of cryptocurrency to me is so interesting.”
The new payment policy of her company is available online, and to start, Artefact London will accept litecoin, ethereum, and bitcoin.