Kogan.com has entered the world of cryptocurrency, albeit in a rather opportunist and lucrative way.
The company owned the internet domain name Bitbuy.com, which also happens to be the name of a Canadian cryptocurrency trading platform, who bought the address from them for a cool A$2.1 million.
As part of the deal, Kogan will provide advertising and marketing support to the group when it launches in Australia.
“The domain sale not only delivers returns for Kogan shareholders but also provides an opportunity to benefit from Bitbuy’s future success in the crypto business abroad and potentially in the Australian market,” Kogan.com executive director David Shafer said.
Bitbuy chief operating officer Jordan Anderson said of the deal: “With a Kogan.com partnership in place, we are confident of a successful expansion of Bitbuy into Australia.”
