Wednesday, October 5, 2022

Report: Balenciaga Launches Cryptocurrency Payments in Some of its US Stores.

Balenciaga, world-renowned fashion brand has now integrated cryptocurrency payments in the form of Bitcoin (BTC) and Ethereum (ETH). According to the report, the firm is not bothered about the crypto market’s price volatility. It pointed that the new development is long term.

It’s yet to be clear what the motivation for accepting crypto is for Balenciaga. Whether the new development became imminent as a result of public demand. Or if it is because the luxury brand hosted its recent event at the New York Stock Exchange (NYSE).

Balenciaga will be accepting the virtual assets payments in some of its stores in the US. Such as, New York Madison Avenue and Rodeo Drive in Beverly Hills outlets.

While Balenciaga will be integrating other crypto forms in its payment system as time unfolds. The company’s website will also be staged for crypto payment adoption .

There are concerns about the plunging nature of crypto assets in the past few weeks. The firm however noted that recent trends in the crypto market, most especially the fluctuations in price,  is not new. 

Crypto Payment Adoption and the Fashion Industry

The fashion industry have on a large scale delved into cryptocurrency payments adoption.

The Kering-owned fashion company will be following closely in the footsteps of brands such as Gucci, Off-white and TAG Heuer. They all have hopped in on accepting the craze of crypto. 

Gucci announced earlier in this month that it will now be integrating crypto payment. The firm launched the new development in some of its stores in the US. 

The firm also has a virtual space on the Metaverse. It was procured in collaboration with The Sandbox, a globally recognized games developer.

TAG Heuer launched its online cryptocurrency payments platform in collaboration with BitPay. The latter is a crypto services provider based in the US.

Off-White, another revered fashion brand in the world started receiving cryptocurrency payments in March. The firm accepts BTC, ETH, XRP, USDC amongst many others.

With the way the fashion industry is embracing virtual assets forms of payment. It is believed that firms in other industries will soon hop in on the innovative move.

Israel Love
Israel Love is a passionate writer that enjoys educating and inspiring people through his writing. This passion fuels the desire to simplify the complexities in the blockchain ecosystem, by providing viable information about the crypto space in such a way that makes it easy for anyone to understand. Israel love also has interests in Human Resource Management as he is a trained expert in HR.

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