Famous luxury brand Balenciaga will accept cryptocurrencies, such as Bitcoin (BTC) and Ether (ETH), as a new payment method. The move is set to begin in U.S. stores next month and on its online store, balenciaga.com.
Balenciaga to accept cryptocurrencies
The famous luxury brand, Balenciaga, has announced that it wants to accept cryptocurrencies as a new payment method.
With this in mind, the company will start in the United States, especially at its flagship stores located on Madison Avenue (in New York), or Rodeo Drive (in Beverly Hills).
In addition to these physical stores, Balenciaga will extend this payment method to its website. Of course, other regions will be added later. This should start next month, in June.
Currently, the company is considering a new supplier for the implementation of this payment solution. Regardless, Balenciaga plans to accept Bitcoin (BTC) and Ether (ETH) initially.
Although the market remains volatile, the famous fashion house has indicated that it wants to be involved in this for the long term.
Balenciaga joins other luxury brands
The adoption of cryptocurrencies, as a new means of payment, is not new among major luxury brands. In fact, some companies launched long before Balenciaga to adapt, probably, to a new type of customer.
Recently, the famous watch brand, TAG Heuer, announced that its customers in the United States could pay for their purchases in cryptocurrencies.
In addition, the luxury watch buying and selling platform Watches World, the luxury ready-to-wear brand Philipp Plein and Gucci have also followed this approach. Gucci is also well involved in this sector as it has also announced its entry into the metaverse of The Sandbox (SAND).
Thus, these news show a considerable step towards the world of Web 3.0 from these big brands.