Balenciaga, joining the ranks of fellow luxury retailers such as Gucci and Tag Heuer, will now accept major cryptocurrencies as official payment starting in June.
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.”
(All images: Balenciaga)
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 crypto payments, while the official payment solution provider is yet to be confirmed.
It added that the US flagship stores in New York’s Madison Avenue and Beverly Hills’ Rodeo Drive will be the first ones to welcome this new type of payment. The brand’s website will also accept crypto payments.
Balenciaga 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 will have more options at checkout.
Other brands taking the crypto plunge
Balenciaga is the second luxury fashion house in the Kering Luxury Group to join with the crypto bandwagon.
Gucci had recently announced that it will begin accepting 10 cryptocurrencies in major US stores from the end of May 2022.
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 via 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.
This article first appeared on Lifestyle Asia Singapore.