Fashion brand Balenciaga is now accepting cryptocurrency as a means of payment. As a result, the brand’s main locations in Los Angeles and New York, as well as its online sites, will now offer Balenciaga products in return for crypto.
Press statement from Balenciaga emphasized that the brand’s long-term thinking about crypto & currency fluctuations is nothing new. However, it is clear that Balenciaga will not just accept cryptocurrencies.
For now, there is no word on how Balenciaga plans to utilize crypto or which digital asset it will accept. Having said that, it did state that it will initially be taking just BTC and ETH for the time being. There has been an increasing number of high-end stores turning to cryptocurrency in recent months, such as Moët Hennessy Louis Vuitton.
Luxury fashion house Balenciaga has become the latest to accept crypto as a form of payment. One of the world’s most famous watchmakers, Tag Heuer, has also decided to accept cryptocurrency. In light of Arnault’s support for NFTs and Web3, Tag Heuer’s adoption of cryptocurrency is not a surprise. The CEO of Tag Heuer, Laurent de Vos, is a major fan of NFTs, as indicated by his engagement with Clone X PFP by Rtfkt, which was made in partnership with Takashi Murakami and Invisible Friends by Markus Magnusson.
Luxury businesses are increasingly utilizing cryptocurrency as a form of payment. With this, they seek to attract a more wealthy, tech-savvy clientele that’s well-versed with the use of digital assets. This is just the latest addition to a long line of fashion brands getting on board with blockchain technology.
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