Luxury fashion house Balenciaga will now accept crypto payments in the U.S.
Luxury fashion house Balenciaga has announced that it is now accepting crypto payments in the United States.
Balenciaga starts from the United States
Starting with the U.S., Balenciaga, also called "the master of us all," will now accept crypto at its flagship stores, including Madison Avenue in New York and Rodeo Drive in Beverly Hills. The brand has also decided to accept crypto as payments on its official website balenciaga.com and added that it is aiming to expand its plan to other regions and e-commerce.According to the announcement, the fashion house will accept digital currencies like Bitcoin and Ethereum initially, and other currencies will be added in the coming days. However, it is yet to decide what payment provider it will use to implement the plan.
Given the ongoing plunge in the price of major cryptocurrencies, the timing of the announcement seems not ideal to many. However, the company said in a statement:
"Balenciaga is thinking long-term about crypto, and fluctuations in currency value are nothing new."Founded in 1919 by the Spanish designer Cristóbal and acquired afterward by French luxury group Kering, Balenciaga is known for its reputation as a couturier of uncompromising standards. The crypto enthusiasts are expecting a similar perfection in its entry into the emerging sector.
Making crypto luxurious
There has been a streak of luxury brands recognizing the popularity and potential of the crypto industry. Earlier this month, Swiss luxury watchmaker Tag Heuer announced that it will accept 12 cryptocurrencies, including Bitcoin, Ethereum, and Dogecoin, through the payment solution provided by BitPay.Interestingly, Italian high-end luxury fashion house Gucci has also announced the acceptance of crypto payments at its physical stores by the end of May. In April, the renowned contemporary luxury brand, Off-White, announced the crypto payments acceptance in its store.
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