Balenciaga, new luxury brand that accepts payment in crypto

The famous luxury brand Balenciaga will accept cryptocurrencies such as Bitcoin (BTC) and Ether (ETH) as new means of payment. The early setup is expected to arrive next month in US stores and its online store, balenciaga.com.

Balenciaga follows in Gucci’s footsteps

While some US Gucci stores will accept cryptocurrency payments at the end of the month, Balenciaga has taken the decision in turn. The brand’s customers will soon be able to pay for their purchases in Bitcoin and / or Ethereum (before adding other currencies) at several of its flagship stores in the US, as well as on the brand’s US side.

Balenciaga is soon expected to announce which professional platform will manage transactions and exchange rates at a time when the cryptocurrency market is experiencing a marked decline in value.

The brand will launch cryptocurrency as an additional means of payment in its Madison Avenue flagship store in New York, as well as in its Beverly Hills store. The decision will also allow customers to purchase products with cryptocurrencies from their online store.

The company is currently considering its new provider to implement this payment solution. Still, Balenciaga originally planned to accept Bitcoin (BTC) and Ether (ETH).

Balenciaga’s move comes just weeks after the digital assets market crashed, with bitcoin falling to a new annual low of $ 26,700, according to data from Binance.

After being asked about the volatility of the crypto market, Balenciaga commented on the decision: “Balenciaga is looking at cryptocurrencies in the long run and fluctuations in currency values ​​are nothing new.

With the aim of attracting the new generation

This test-and-learn strategy is in line with the digital innovations that Balenciaga has driven in recent months, including the opening of a business unit dedicated to Metaverse.

Through the gradual democratization of cryptocurrency payments, the brand is pursuing the Web3 vision from its parent company, Kering, which also owns Gucci. So many forward-looking messages driving popularity in consumer consciousness, from Gen Z to tech junkies, as evidenced by the two brands’ leaders in the latest ranking of the most sought-after brands and products from Lyst.

A recent study conducted by Crypto.com confirmed the observed merchant interest in digital asset payments. The company’s “Crypto for Payments Report” shows that only 4% of merchants currently accept cryptocurrencies as a form of payment. More interesting, however, is that 60% of merchants are interested in accepting cryptocurrencies by 2022. The report adds that 70% of consumers showed the same interest.

The adoption of cryptocurrencies as a new means of payment is not new to major luxury brands. In fact, some companies launched long before Balenciaga, perhaps to accommodate a new type of clientele.

Recently, the famous watch brand TAG Heuer announced that its customers in the United States could pay for their purchases in cryptocurrencies. So starting this week, TAG Heuer customers in the US can use digital currency to purchase a la carte items from the brand’s watches and accessories at no minimum charge. Simply select “BitPay” when paying.

TAG Heuer now accepts 12 cryptocurrencies, including Bitcoin (BTC), Bitcoin Cash (BCH), Dogecoin (DOGE, Ethereum (ETH, Litecoin), supported by BItPay, which specializes in implementing blockchain payment technology for companies (LTC), Shiba Inu (SHIB), etc., as well as dollar-backed stack coins.

In addition, it is worth mentioning Watches World, a platform for sourcing and reselling luxury watches, as well as the luxury clothing brand Philipp Plein as a luxury brand that has also taken cryptocurrency payment to heart.

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