103-year-old fashion brand Balenciaga is preparing to start accepting Bitcoin and Ethereum as payment methods.
Balenciaga is “a luxury fashion house founded in 1919 by Spanish designer Cristóbal Balenciaga in San Sebastian, Spain and later acquired by French luxury group Kering”. Kering is “a French multinational specializing in luxury. He owns the luxury brands Balenciaga, Bottega Veneta, Gucci, Alexander McQueen and Yves Saint Laurent.
According to a report by Women’s Wear Daily (WWD), “the brand will now accept crypto at its flagship stores, including Madison Avenue in New York and Rodeo Drive in Beverly Hills, as well as balenciaga.com.” Additionally, the company claims that “other regions and e-commerce will follow.”
The WWD report went on to say that “the fashion house is still deciding which payment solution provider it will use, but it will accept currencies like Bitcoin and Ethereum to start with and more currencies will be added in due course.”
Balenciaga doesn’t seem too concerned that we are currently in a bear market:
“Balenciaga is thinking long-term about crypto, and fluctuations in currency values are nothing new.“
As for Gucci, which is also owned by Kering, according to a report by Vogue Business on May 4, it will accept crypto as payment in many of its US stores by the end of May, and it plans to expand this program. to all of its directly operated North American stores by the end of the summer.
According to the Vogue Business report, “in-store crypto payments will be completed with a link emailed to the customer” and “the link contains a QR code that allows them to execute the payment from their crypto wallet.”
The pilot program will launch this month at the following US Gucci stores: “Wooster Street in New York, Rodeo Drive in Los Angeles, Miami Design District, Phipps Plaza in Atlanta and The Shops at Crystals in Las Vegas”.
It looks like Gucci will accept crypto with the help of crypto payment processor BitPay. This means that the following 12 crypto-assets will be supported: Bitcoin (BTC), Bitcoin Cash (BCH), Dogecoin (DOGE), Shiba Inu ($SHIB), Ethereum (ETH), Litecoin (LTC), Wrapped Bitcoin ( WBTC), and five USD-pegged stablecoins (BUSD, DAI, GUSD, USDP, and USDC).
The Vogue Business report also mentioned that Gucci has “established itself as an early adopter of Web3 technologies, which include blockchain, and crypto payments mark another step towards Gucci blending its existing physical presence with its efforts. emerging on the Web3″.
Marco Bizzarri, CEO of Gucci, said in a statement:
“Gucci is always looking to embrace new technologies when they can provide an enhanced experience for our customers. Now that we are able to integrate cryptocurrencies into our payment system, it is a natural evolution for customers who wish to have this option available to them.“
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The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading crypto-assets involves the risk of financial loss.
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