Joining the list of luxury retailers like Gucci and Tag Heuer, Balenciaga will now accept major cryptocurrencies as official payment. According to a report by Women’s Wear Daily, the company stated, “Balenciaga is thinking long-term about crypto, and fluctuations in currency value are nothing new.”
Here’s what we know about Balenciaga accepting crypto payments
What’s in the pipeline?
As per the report, Balenciaga will start accepting Bitcoin and Ethereum as cryptocurrency payments, while the official payment solution provider is yet to be confirmed.
It added that the US flagship stores situated in the areas Madison Avenue in New York and Rodeo Drive in Beverly Hills, will be the first ones to welcome this new type of payment. The brand’s website will also accept crypto-payments.
The luxury fashion company further shared that it hopes to include more stores and e-commerce functionalities eventually. It will also integrate other cryptocurrencies as payments at a later date, so that Balenciaga’s customers can get more payment options at checkout.
Other brands taking the crypto plunge
Balenciaga is the second luxury fashion house in the Kering Luxury Group, to go with the crypto craze.
Gucci had recently announced that it will begin accepting 10 cryptocurrencies in major US stores from the end of May 2022. The highly-sought after brand is all set to roll out this payment option in all its stores in summer, to seamlessly integrate crypto payments.
On the other hand, earlier in May 2022, Moët Hennessy Louis Vuitton-owned Tag Heuer announced that its consumers would be able to pay with 12 cryptocurrencies, including Bitcoin, Dogecoin and Ethereum, through a payment solution from BitPay.
Now whether this makes the brands more accessible or evasive, one thing is for certain that crypto payments are most likely to be common across all fashion brands, in the coming days.
(Main and Featured Image Credit: Balenciaga)
This story first appeared on Prestige Malaysia.