Fashion house Balenciaga started accepting crypto payments in the US

Bitcoin and Ethereum are available for payment, the company has not yet decided which payment solution provider it will contract with

23.05.2022 - 12:45

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What’s new? Fashion house Balenciaga has announced that it will begin accepting cryptocurrency payments at its flagship stores in the United States. The brand will accept bitcoin and Ethereum as payment at select locations, including branches on Madison Avenue in New York and Rodeo Drive in Beverly Hills, as well as at its online store, Women’s Wear Daily reports.

Information on the Women’s Wear Daily website

What are the prospects? Balenciaga may introduce crypto payments in other stores around the world as well if customers respond positively to this initiative. In addition, the list of digital assets to pay for purchases could also be expanded once an agreement with a payment provider is in place. So far, the company has not chosen which service it will partner with. The fashion house’s representatives added:

“Balenciaga thinks about cryptocurrencies in the long term, and fluctuations in the value of the currency are not a cause for concern.”

What events happened before? In early May, Italian fashion house Gucci said that it would start accepting cryptocurrency payments in five stores by the end of May. The company would accept Bitcoin, Bitcoin Cash, Ethereum, Wrapped Bitcoin, Litecoin, Dogecoin, Shiba Inu, and five stablecoins pegged to the US dollar.

In early April, the luxury brand Off-White began accepting cryptocurrency payments in stores in London, Paris, and Milan. The company provided payment options in bitcoins, Binance Coin, Ethereum, Ripple and Tether (USDT), and USD Coin (USDC) stablecoins.

On April 15, Taylor Travel Management Group, a Dutch travel agency specializing in VIP travel, began accepting crypto payments. And in May, Dubai-based airline Emirates announced that it would accept bitcoin payments. The airline would also add the ability to trade NFTs on its websites and begin developing a metaverse.

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