The French luxury brand Balenciaga announced on Tuesday that it will adopt cryptocurrency payments across the United States including Bitcoin and Ethereum.
KAMPALA | NOW THEN DIGITAL — A luxury French brand, Balenciaga, has announced its commitment to cryptocurrency payments in the United States. Balenciaga said it will accept cryptocurrency payments, such as Bitcoin and Ethereum.
- In the meantime, deliberations are still underway as to which payment solution provider will be used. Bitcoin and Ethereum will initially be accepted, with other currencies added as time goes on.
- Balenciaga says it sees cryptocurrency as a long-term option, and instabilities with currencies are not a new thing.
- Other luxury retailers have also begun to accept cryptocurrency payments. In March, Off-White made the same arrangement for payments in its flagship stores in Paris, London, and Milan.
- Brands like Tag Heuer and LVMH Hoët announced earlier this month that they would accept a variety of cryptocurrencies for checkout, including Bitcoin, Dogecoin and Ethereum.
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Balenciaga will accept cryptocurrency payments at all of its flagships in the US, including Madison Avenue in New York, Rodeo Drive in Beverly Hills, and on its website. The brand is also anticipating that additional regions and e-commerce will be able to take place as well.
In the meantime, decisions are still being made regarding the payment solution provider which will be utilized. At the moment, payment will only be accepted in bitcoin and Ethereum before other currencies are added.
A statement from Balenciaga indicates that cryptocurrencies will be taken into consideration in the future, and instabilities in currency values are nothing new.
Some other luxury retailers have also embraced cryptocurrency, most notably Off-White, which set up a similar system for payments in its flagship stores in Paris, London, and Milan.
Other brands including Tag Heuer and the LVMH Hoët have stated that their customers can pay with a wide variety of cryptocurrencies, including Bitcoin, Dogecoin, and Ethereum, for checkout.