Off-White set to accept several cryptocurrencies
Founded by late Virgil Abloh, Off-White announced that it has decided to accept payments in Bitcoin, Ethereum, Binance Coin, Ripple, with stablecoins tether and USD Coin, for its products, without any payment limit following fraud check. The company noted the massive growth of the crypto industry and stated:This is another important step in the growth of the brand, that looks towards the future including Web 3.0 technologies, understanding the needs and desires of its ever-evolving customer base.While it is progressive for a brand to accept crypto payments, it is equally important to keep an eye on the fact that the coin might tank after accepting payment. Off-White uses a special LUNO POS terminal, which along with being compatible with multiple crypto wallets that can scan a QR code to settle payment, searches for the best currency-to-crypto exchange rate during the transaction, to avoid such a situation.
Additionally, the company informed that the refunds for the items purchased with crypto will be issued only via store credit, in the local currency.
Continuing legacy
With previous investor New Guards Group retaining the license, French luxury goods company LVMH bought a majority stake in the company last year. Off-White is currently operated by Abloh’s team which aims to continue the founder’s legacy of innovation.The latest move to accept crypto payments aims to attract Gen Z customers, many of whom see the potential of these products as an alternative asset class.
This is not the first time a luxury brand has entered the crypto space. Before this, Jimmy Choo launched its first-ever NFT collection on the Binance NFT marketplace in October last year. Italian high-end luxury fashion house Gucci also has several plans to enter the NFT space with its collection.
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