Bitcoin and Ethereum will be accepted for payments by luxury fashion house Balenciaga

Bitcoin and Ethereum will be accepted for payments by luxury fashion house Balenciaga

The luxury fashion brand is also looking to develop its own metaverse

By Shashank Bhardwaj

Image: Shutterstock

French luxury brand Balenciaga is expected to start accepting crypto payments. According to the Wall Street Journal, starting next month, Balenciaga will accept Bitcoin and Ethereum as payment online and in select physical locations.

Although Balenciaga initially only accepts payments in Bitcoin or Ethereum, it aims to expand the initiative to include more cryptocurrencies in the future. The brand will accept cryptocurrency in all of its US flagship stores, including Madison Avenue in New York and Rodeo Drive in Beverly Hills, as well as on its website.

Balenciaga SAS is a high-end fashion house founded in 1919 in San Sebastián, Spain, by Spanish designer Cristóbal Balenciaga, then acquired by French luxury company Kering. “Balenciaga is thinking long-term about crypto, and fluctuations in currency values ​​are nothing new,” the company said in a Women’s Wear Daily report.

Balenciaga’s acceptance of cryptocurrencies comes at a time when market participants are concerned that the cryptocurrency market is about to face another crypto winter. When asked if the latest stock market crash influenced Balenciaga’s crypto strategy, CEO Cédric Charbit simply replied that his thinking was “long-term.”
Balenciaga is the latest high-end fashion house to accept cryptocurrency as a form of payment. Gucci had said earlier this month that it would start accepting cryptocurrency payments online and in five of its stores. Tag Heuer, a Swiss luxury wristwatch, has also recently entered the world of crypto, accepting twelve digital currencies and five stablecoins as payment methods on its US website.

The writer is the founder of yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash