Posts tagged with "Credit card"

Double take: Winklevoss brothers buy a startup founded by identical twins

November 20, 2019

They are best-known for losing the Facebook concept—which they had named ConnectU—to the ambitious Mark Zuckerberg when they all attended Harvard University. And for winning $65 million in a suit against Zuckerberg in 2008.

But now the Winklevoss twins—Tyler and Cameron, age 38—have become crypto entrepreneurs. And Bloomberg reported on November 19 that they have made their first-ever acquisition, from a duo of entrepreneurs to whom they bear a strong resemblance.

Duncan and Griffin Cock Foster, 25, are also identical twins, Bloomberg says. While the Winklevoss brothers rowed in the 2008 Beijing Olympics, the other twins rowed in high school. That said, the Cock Fosters weren’t involved in the birthing of the social network Facebook.

“You can’t make this stuff up,” Tyler Winklevoss told the financial news outlet in a phone interview. “There are so many great parallels, it was just the right fit.”

The two sets of twins came together over their belief in the future of so-called nifties. A niftie may be a cat from the CryptoKitties game, in which players breed the digital felines, or a token representing ownership in art, stamps, and comic books—an asset that is being kept track of via a blockchain digital ledger and is tradeable.

To buy such collectibles, people typically have to open digital currency wallets, buy cryptocurrency on an exchange—a process that can take hours and can be confusing.

The Cock Fosters’ Nifty Gateway, which the Winklevosses’ Gemini Trust bought for an undisclosed sum, lets anyone pay for nifties with a credit card, via a streamlined experience similar to checking out through Amazon.

The company currently lets people buy nifties from Open Sea marketplace and CryptoKitties and Gods Unchained games.

It doesn’t disclose its customer numbers or payment volume. But Duncan Cock Foster forecasts that nifties could one day attract as many as one billion collectors, Bloomberg reports. The Winklevosses expect that the market for nifties will be as big as the collectibles, art, and gaming markets combined.

 “We believe in this future where all your assets will be on a blockchain and you may want to buy, sell and store them, and Nifty fits that vision,” Tyler Winklevoss said.

While initially Gemini, with more than 220 employees, and Nifty, with three workers, will continue to operate as stand-alone companies, that could change, and some of Nifty’s features could make way into Gemini services.

Duncan now owns about 300 nifties; and his brother, 100. While most people currently don’t even know what the word means, the two sets of twins hope that will change.

“All great companies, all great ideas there’s a period where you see a truth and many other people don’t, and you have to have that conviction,” Tyler Winklevoss said.

Research contact: @business

Prime time: In rivalry with Amazon, Target offers ‘deal days,’ eBay plans a ‘crash sale’

June 27, 2019

Amazon is promoting its “Prime Day” again—but other retailers aren’t going to be caught out again this year. They are offering a bevy of their own deals, which they hope will dazzle shoppers and draw them into their websites and brick-and-mortar locations.

According to a report by CNBC, both Target and eBay so far have announced their own deal strategies following Amazon’s announcement on June 25—in which the company said Prime Day will actually run for two days this year and begin at midnight (PT) on July 15.

Target is plugging its “deal days” on July 15 and 16. The discount chain said in a June 25 press release, “Savers, start your engines. Today we’re unveiling Target Deal Days, two (yep, two!) days of red-hot online sales, no membership required. On Monday, July 15, and Tuesday, July 16, you’ll be able to save big with thousands of deals across Target.com and on the Target app, with new deals each day.”

As it says above, Target is emphasizing that no o membership is required to shop the special deals—as is the case with Amazon’s event. Customers can also receive 5% in savings when they use a Target credit card.

Last year,  CNBC reminds us, Target held a one-day sale on its website that aligned with Prime Day. It was one of the retailer’s biggest days of the year for online sales, according to Target’s Chief Merchandising Officer Mark Tritton.

Amazon rival eBay, meanwhile, is holding what it calls a “crash sale.” It said it will start offering some deals as early as July 1. But on July 15, it will be offering deals on major brands including LG, Apple, Samsung, KitchenAid, and Garmin.

What’s more, eBay snarks,  it will drop more deals if Amazon’s website crashes, as it did last year at the start of Prime Day.  “July has become a massive shopping season,” Jay Hanson, COO of eBay’s Americas division, told CNBC.

On Prime Day, which started in July 2015 as a way to mark the company’s 20th anniversary, Amazon Prime members can buy highly discounted products. The deals are applied to most of the goods Amazon sells. And many items will sell out within minutes, creating a sort of Black Friday scramble where people are trying to buy things as quickly as possible.

Amazon said last year’s Prime Day was its biggest ever, topping a record in 2017. And so it’s plausible this year could be even more successful since it runs longer, CNBC says.

Amazon shares are up about 25% so far this year. Target’s stock has rallied close to 30%; eBay shares are up more than 39%.

Research contact: @CNBC