Luxury fashion brand Balenciaga will accept crypto as payment
Joining the list of luxury retailers like Gucci and Tag Heuer is Balenciaga, which will now accept major cryptocurrencies as official payment methods.
According to a report by Everyday Women’s Clothingthe company said, “Balenciaga is thinking long-term about crypto, and fluctuations in currency values are nothing new.”
Here’s what we know about Balenciaga accepting crypto payments
What’s in the pipeline?
According to the report, Balenciaga will start accepting Bitcoin and Ethereum as crypto payments, while the official payment solution provider has yet to be confirmed.
He added that US flagship stores on Madison Avenue in New York and Rodeo Drive in Beverly Hills will be the first to welcome this new type of payment. The brand’s website will also accept crypto payments.
Balenciaga further shared that it hopes to eventually include more stores and e-commerce features. It will also integrate other cryptocurrencies as payments at a later date, so Balenciaga customers have more options at checkout.
Other brands are taking the crypto leap
Balenciaga is the second luxury fashion house from the Kering Luxury group to join the crypto bandwagon.
Gucci had recently announced that it would start accepting 10 cryptocurrencies in US department stores from the end of May 2022.
On the other hand, earlier in May 2022, Tag Heuer, owned by Moët Hennessy Louis Vuitton, announced that its consumers could pay with 12 cryptocurrencies, including Bitcoin, Dogecoin and Ethereum through a payment solution from BitPay.
Now, whether that makes brands more accessible or evasive, one thing is certain that crypto payments will most likely be common to all fashion brands in the coming days.
(All photos: Balenciaga)