- The crypto-friendly Balenciaga will be accepting crypto payments.
- The business is still undecided regarding the payment method it will utilize.
- This is just weeks after another major luxury brand, LVMH, revealed a similar plan.
High-end fashion house Balenciaga has decided to accept cryptocurrency as a form of payment. Crypto payment will be accepted at the brand’s flagship stores in Los Angeles, New York and on online stores.
The firm said in a press release that Balenciaga is thinking long-term about crypto, and fluctuations in currency value are nothing new. However, it is certain that cryptocurrency won’t be the only form of tender accepted by Balenciaga.
Balenciaga has yet to release more information on how it will use cryptocurrency or what type of digital asset it will accept. It did say that it will, for now, be accepting BTC and ETH. The brand joins a growing list of high-end retailers, such as brand Moët Hennessy Louis Vuitton, that have turned to cryptocurrency in recent months.
Balenciaga is the latest luxury brand to accept cryptocurrency as payment for its products. The move comes as the luxury market looks to attract more young and wealthy customers who are comfortable using digital assets.
The fashion brand also joins Tag Heuer in this decision to accept crypto. It is worth noting that Tag Heuer’s embrace of cryptocurrencies is no surprise, given Arnault’s support for NFTs and Web3. Tag Heuer’s 27-year-old CEO, Laurent de Vos, is a big collector of NFTs, as evidenced by his involvement with Clone X PFP by Rtfkt, which was produced in collaboration with Takashi Murakami and Invisible Friends by Markus Magnusson.
Cryptocurrency is becoming an increasingly popular payment method among luxury brands, as they look to attract more affluent, tech-savvy customers who are comfortable using digital assets. Balenciaga is the latest in a long line of fashion brands that are embracing the crypto frenzy.