The adoption of cryptocurrencies against mainstream payment options is garnering pace among fashion and lifestyle labels. Now, French high-end fashion brand Balenciaga has added cryptocurrencies to its list of acceptable payment methods. Customers will be able to purchase high end apparel from the French label via Bitcoin and Ether, the top two cryptocurrencies on the digital assets pyramid. The brand founded in 1919, is essentially expanding its payment options to cater to customers from all ages and sectors.
The crypto payment facility for Balenciaga will go live in June. Flagship stores of the fashion brand in the US will start enabling customers to purchase goods via crypto payments.
While the 103-year-old brand is kicking off crypto payments with BTC and ETH, it will be addling more altcoins as payment options in the days to come.
“Balenciaga is thinking long-term about crypto, and fluctuations in currency value are nothing new,” a report by Women’s Wear Daily quoted a Balenciaga spokesperson as saying.
The news has created quite the ripples on social media.
— Marley Black (@MarleyBlackJr) May 24, 2022
As blockchain = solution to counterfeits and supply chain transparency, we’ve seen an increase in luxury brands accepting crypto payments such as…
– TAG Heuer
– Philipp Plein
Every industry can benefit from adopting blockchain tech…
— nft4noobs (@nft4noobs) May 24, 2022
Earlier this week, Swiss luxury watchmaker Tag Heuer decided to sell its high-end watches in exchange for Bitcoin, Ether, Dogecoin, and nine other cryptocurrencies.
Luxury fashion house Gucci has also started accepting crypto payments in US stores.
In August 2021, Philipp Plein opened crypto payments in 15 cryptocurrencies. The men’s fashion line had become one of the first high-end labels in the fashion world to have embraced cryptocurrencies as a mode of payment.
Nike, Hipster’s Paradise, Aeropostale, H&M, Calvin Klein, American Eagle, and Etsy are more brands in the luxury lifestyle sector that accept crypto payments.