Balenciaga Now Accepts Cryptocurrencies as a Method of Payment
May 24, 2022Balenciaga has announced that it will now accept cryptocurrencies as a method of payment. The brand will accept cryptocurrency at its iconic stores in the United States.
The luxury fashion brand, which is known for redefining fashion with never-before-seen goods in the mid-20th century, will soon accept the two largest cryptocurrencies in terms of market capitalization, Bitcoin and Ethereum payments.
In addition, the company will accept cryptocurrency at its main shops in Madison Avenue in New York and Rodeo Drive in Beverly Hills, as well as on its official website, balenciaga.com. Furthermore, Balenciaga stated that other regions and e-commerce would follow.
It’s still unknown what method the fashion house will use to accept crypto payments, but it’s evident that the brand sees “crypto as a long-term investment,” and even the recent drop in cryptocurrency prices hasn’t convinced them otherwise.
Brands Accept Crypto for Their Products
Major businesses have begun to embrace crypto payments due to the numerous advantages that come with taking Bitcoin and other cryptocurrencies.
Tag Heuer, revealed in a press release on May 19, that it is collaborating with BitPay and will support 12 digital currencies, including Bitcoin, Ethereum, Dogecoin, and five dollar-pegged stablecoins in the United States. In addition, the maximum transaction value will be set at $10,000.
Moreover, the Italian luxury brand Gucci is also one of the latest big companies to begin taking cryptocurrency payments at some of its American outlets. Customers will be able to pay using Bitcoin, Ethereum, and Litecoin, among other cryptocurrencies.
High-end businesses have started experimenting with Bitcoin and Web3. In March, Off-White, a fashion company, began accepting six cryptos as payment in its flagship stores in Paris, Milan, and London.
With firms like Paypal, Overstock, Twitch, and Amazon adopting cryptocurrency as a payment mechanism, it’s feasible that more businesses will have to follow suit in order to prosper in the digital age. While the future of paper currency is uncertain, cryptocurrencies are positioned to lead the next era of payments as more prominent corporations embrace crypto.
