Customers in the United States can pay for items using crypto
Bitcoin and Ethereum are the primary options for now
Balenciaga plans to add more cryptocurrencies as time goes on
Other Fashion industry stakeholders like Gucci and Tag Heuer also recently announced support for Crypto payments
Avant-garde fashion behemoth Balenciaga is set to expand the payment options for its American customer base by accepting cryptocurrencies.
The French luxury brand begins its crypto journey with stores in the US according to a report from WWD. Also, the world’s two leading cryptocurrencies, Bitcoin and Ethereum, are the first to join Balecengia’s payment options, per the report.
Despite the ongoing uncertainty in the digital asset markets and the recent crash in cryptocurrency prices, the brand decided to push ahead with its plunge into the Web3 ecosystem citing a long-term vision.
A representative from the fashion giant emphasized that the brand sees a future powered by crypto and is not swayed by fluctuations in the currency market as they are not new.
Balenciaga plans to expand crypto payments to other locations outside the US and also onboard digital asset payment for its self-acclaimed statement fashion pieces on a plethora of e-commerce platforms as time goes on.
For starters, customers in the US can pay with crypto on the brand’s official website. Also, popular physical flagship stores on Rodeo Drive, Beverly Hills, and Madison Avenue in New York will accept BTC and ETH.
The brand has not disclosed its blockchain partner for crypto payments as of press time.
Bitcoin Storms Fashion Industry
Balenciaga is the latest fashion-focused name to jump on the blockchain-powered digital currency wagon. Earlier in May 2022, the luxury watch heavyweight brand Tag Heuer announced a digital asset payment portal in partnership with BitPay.
CEO Frédéric Arnault, who personally holds NFTs and other Web3 assets, opined that cryptos have the potential to change how the fashion industry works. Speaking with Vogue Business about the announcement, Arnault said:
We have been following cryptocurrency developments very closely ever since Bitcoin first started trading. As an avant-garde watchmaker with an innovative spirit, we knew Tag Heuer would adopt what promises to be a globally integrated technology in the near future despite the fluctuations— one that will deeply transform our industry and beyond.
Gucci also unveiled a plan to adopt cryptos in a few stores across the US. Notably, the Italian brand said customers would be able to pay for items using 12 digital currencies including Bitcoin, Ethereum, Dogecoin, and Shiba Inu to name a few.