Faversham bar accepts Cryptocurrency payments
Soirée takes Bitcoin, Litecoin, Ethereum, Doge and other crypto for its cocktails, writes Marijke Hall
It was once only associated with geeky tech groups. But cryptocurrency - which includes the likes of well-known Bitcoin and Litecoin - has been gaining traction globally in the past few years and one Faversham bar owner is taking full advantage.
Oliver Branson-Cole, owner of Soirée (@Soireemixology),believes his is the first bar in Kent to start accepting crypto as payment.
The 33-year-old admits he still has a lot to learn but is fascinated in this digital technology which is sweeping the globe.
“I’m always looking to innovate the bar,” he said. “I do different events, put on different cocktails, change the menu around and the crypto is a little bit like that, but outside that box.
“I thought it was really interesting. I started reading about Starbucks and a few multinational companies that take certain cryptocurrencies in the UK and abroad.
“I learned how to adapt it to my own company and while it’s probably not as streamline yet as Starbucks it works and just as quickly as, if not quicker, than a normal debit card transaction.”
In some cases there is also a smaller transaction fee. Fans of cryptocurrency say it makes it easier to transfer funds directly between two parties, without any need for a bank or third party, such as a credit card firm.
Bitcoin is the most well-known, although Branson-Cole says the cost to the user and recipient - as well as the length of time it takes for the cryptocurrency to transfer - is more.
Others, such as Litecoin, are lower fees and faster than a debit card.
“There are millions if not billions interested in it in one way or another around the world so it’s a big market to be involved in,” he said.
“It’s my business so I’m able to try things. There’s ‘no harm no foul’ as they say.”
He says when he first launched it, he had emails from people asking about what types of crypto coin he takes and a group booked a table immediately off the back of it.
“There was a buzz about it, people wanted to try something new. It felt kind of cool.
“The first payment was Bitcoin, it took about six or seven hours to get into the account but then I knew it was viable, it was working.
“I knew if I could do it with Bitcoin, it would work with others.”
He says the bar pretty much accepts them all - Shib, Doge, Etherium as well as Bitcoin and Litecoin - but he’s happy to hear about others.
“I’m still learning about it, it’s a paradox of information,” he admits. “Someone may come in with a coin they’ve invested in and I’m able to accept it with my ‘wallet’.
“Or people come in and we chat and they educate me, I’m more than willing to listen and learn. Sometimes it’s way over my head, but I’m still learning.”
Branson-Cole, who has just had a baby daughter with fiancé Karlie, admits his reason behind it is his desire to be innovative.
“There’s always something new at the bar, I don’t like to stagnate,” he said. “When it’s your own business there’s even more of that incentive to do these things.
“When people come in and see these changes then it’s nice because you get the recognition of the work you’ve put in.
“I love the hospitality industry, I’ve always been involved in it, and if people are enjoying the service they get here, then I’m doing something right.”
For more see https://www.facebook.com/SoireeFaversham/