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Digital Brands Group to Accept Crypto Payments, Causes Premarket Surge

Updated: 4 Nov 2021

A stock that has seen some dramatic interest lately; Digital Brands Group (NASDAQ:DBGI) is on the move once again. This time, Thursday’s premarket surge hits after the announcement that the web of digital brands will be accepting cryptocurrency as a form of payment across the board.

The decision follows a string of recent developments in the online payment space, as more and more companies open their arms to a future where cryptocurrency is commonplace. The announcement sparked a 14% price surge – arguably an insignificant gain in comparison to the effect of recent news – last month DBGI stock more than doubled with the release of impressive eCommerce sales. Investors are ready and waiting as DBGI continues to attract attention. 

Hil Davis, CEO of Digital Brands Group explains the importance of their decision and plans for the future:

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“Shopify (SHOP) enables our brands to accept cryptocurrencies as a form of payment. We believe this form of payment will continue to grow as a potential currency in our industry,” 

Adding…

“Finally, as we discussed in our S-1, we expect to continue to grow through acquisitions and expect to continue to acquire companies this year, most of which will require GAAP PCAOB audits. These audits take time, which results in a delayed acquisition timeframe weighted toward the final months of 2021.”

Making the move to welcome cryptocurrency is becoming more and more vital for digital retail survival – companies that act quicker are hence being rewarded by future-savvy investors. At the time of writing, DBGI stock has opened with a loss of just under 4% – retracing all premarket gains and consolidating around the $4.00 mark.

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