Nigeria’s design company Minku which has since 2013 accepted bitcoin alongside Stripe-supported card payments, and PayPal is raising a seed round in bitcoin.
The proceeds from the round will be used to develop a follow-up to Minku’s first men’s clothing collection, which was released in September.
According to Kunmi Otitoju, the founder and creative director of the company which started off as a leather goods maker in 2011, “Our objective is to fund the next stage of growth, while providing a fun and unconventional way to involve like-minded investors. I’m constantly seeking ways to validate bitcoin beyond a speculative instrument, and to reward those who take a chance on the company’s vision at this early stage in its funding life cycle.”
Minku will take part in Bitcoin Black Friday later this month, as it has in 2014 and 2015. It is a limited liability company registered since 2011 with the Nigerian Corporate Affairs Commission. As at November 11 the bitcoin price in Nigeria was high. 1 bitcoin = $6500 = N2.3m.
The $200,000 in a coin-for-equity sale will also include investor perks like priority new collection viewing and guest-authorship in the company’s culture magazine, Yonderland.
The firm is also researching men’s clothing trends through the middle ages, with an eye to designing, creating (through local production in Nigeria), and distributing a collection centered on music and synthetic sounds for the DJ’s work wardrobe.
