Earlier this month, Gucci announced that it will start accepting cryptocurrency as a means of exchange. Another luxury fashion house Balenciaga has announced it is towing the same path.
The luxury fashion house disclosed it is preparing to accept cryptocurrencies as a payment option for its American clients. Starting next month Balenciaga will begin to accept Ethereum and Bitcoin payments in the United States at its flagship locations including Rodeo Drive in Beverly Hills and Madison Avenue in New York.
According to Apex Crypto, Balenciaga will examine cryptocurrencies on a long-term basis, and currency value fluctuations, which it said are nothing new. The company said other regions and e-commerce will follow suit.
A spokesman from the fashion house revealed that the business anticipates a future powered by crypto and is unfazed by currency market volatility because they are not novel.
Balenciaga is joining the trend of leading fashion brands that have joined the digital currency train. There have been raves about these luxury fashion companies enabling cryptocurrency payments in the United States.
Other prominent businesses, including LVMH Hot and Tag Huer, announced earlier this month that they will accept a variety of cryptocurrencies, including Bitcoin, Dogecoin, and Ethereum, at checkout.
The CEO of Tag Huer, Frédéric Arnault, who personally holds NFTs and other Web3 assets, believes cryptocurrencies have the potential to revolutionize the fashion business.
Arnault stated to Vogue Business regarding the announcement: “Since the inception of Bitcoin trading, we have been monitoring the development of cryptocurrencies closely. Despite the fluctuations, we anticipated that, as an avant-garde watchmaker with a pioneering attitude, Tag Heuer would adopt what promises to be a globally integrated technology in the near future.”
Gucci is not slacking on its digital world quest as it has implemented Web3 technologies. The fashion brand has also created a Web3-focused team and acquired digital real estate, which is being developed on The Sandbox.
