Luxury fashion house Balenciaga accepts payments in BTC and ETH (Report)

The French fashion brand – Balenciaga – is reportedly adopting cryptocurrencies as a method of payment for its products. The offer will initially be available at the company’s US stores on Madison Avenue in New York and Rodeo Drive in Beverly Hills, Los Angeles.

Balenciaga surprises the crypto wave

According to recent coverage, Balenciaga will allow its US customers to buy clothes, shoes, bags and other products using bitcoin and ether. Customers will also be able to pay in crypto while shopping on the brand’s official website. The fashion house is expected to expand its offering to other regions and add more digital assets at some point in the future.

The recent decline in the cryptocurrency market could be a problem for many people and companies exposed to the asset class, but that is not the case for Balenciaga. The company revealed that it “thinks long term” and that temporary fluctuations are “nothing new”.

Earlier this month, Swiss luxury watchmaker Tag Heuer also dove into the world of crypto, accepting twelve digital assets plus five stablecoins as means of settlement on its US website. The company’s partner in this initiative was the payment service provider BitPay.

Similar to Balenciaga, Frédéric Arnault – CEO of Tag Heuer – revealed that the company has been intrigued by bitcoin since its birth and that recent market price swings are of no concern.

“This new crypto payment feature is just the start of many exciting projects for Tag Heuer in the Web3 universes,” the executive added.

Philipp Plein authorizes payments in digital assets

Last year, the German fashion company – Philipp Plein International AG – allowed its customers to use 15 cryptocurrencies as payment when purchasing its products. Two of these assets are the top by market capitalization – bitcoin and ether.

The introduction of such an offer was not a huge surprise since the CEO of the brand – Philipp Patrick Plein – is a strong supporter of the crypto sector and even a HODLer.

“I’m a crypto investor and I believe in the future of crypto – that’s why I decided to offer this payment method in my stores and online…together we’re making HISTORY” , the executive said at the time.

Last month, Plein revealed that crypto payments accounted for around 3% of the fashion company’s $105 million online revenue in 2021. In his view, 2022 will be even more successful, predicting that settlements with assets digital will represent up to 21 million dollars for the year. earnings.

Featured image courtesy of Luxus

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