The Balenciaga Luxury Fashion House starts accepting payments in BTC and ETH making it the latest fashion brand to embrace cryptos as payment methods so let’s read more today in our latest cryptocurrency news.
The French fashion brand Balenciaga Luxury Fashion will embrace cryptos as a payment method for the products and the offering will be available at the company’s US Shops on Madison Avenue in New York and also at Rodeo Drive in Beverly Hills, LA. According to the recent coverage, Balenciaga will allow American customers to purchase clothes, shoes, and other products using BTC and ETH. The customers will also be able to pay in crypto when buying from the brand’s official website and it is expected to extend the offer to other regions and add more digital assets in the near future.
The recent decline of the crypto market could be an issue for numerous individuals and companies that have exposure to the asset class but this was not the case with Balenciaga. The company disclosed that it is thinking in the long term and the temporary fluctuations are not something new. Earlier this month, the Swiss Luxury Watchmaker Tag Heuer also dived into the world of crypto and accepted twelve digital assets as well as five stablecoins as a means of settlement on the US website. The company’s partner in the initiative was the BitPay payment service provider.
Similar to Balenciaga, Frederic Arnault the CEO of Tag Heuer disclosed the company was intrigued by BTC since it was launched also saying the recent price swings of the market are not a concern:
“This new crypto payment feature is just the beginning of many exciting projects for Tag Heuer in the Web3 universes.”
The German Fashion company Phillipp Plein International AG also enabled its customers to employ 15 cryptocurrencies as a payment method when purchasing products. Two of the assets are the leading ones by market cap – BTC and ETH. Including such an offering was not a major surprise for the brand who is a keen proponent of the sector and even its CEO is a strong supporter and crypto holder:
“I am a crypto investor, and I believe in the future of crypto – this is why I decided to offer this payment method in my stores and online…together, we are making HISTORY.”
Plein revealed that crypto payments accounted for around 3% of the fashion company’s $105 million online revenue back in 2021 while in his opinion, 2022 will be more successful and predicted that the settlements with digital assets will form up to $21 million of the yearly earnings.
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