Balenciaga, new luxury brand that accepts payment in crypto

The well-known luxury brand Balenciaga accepts cryptocurrencies such as Bitcoin (BTC) and Ether (ETH) as new payment methods. The early set-up is expected to arrive next month in US stores and its online store, balenciaga.com.

Balenciaga follows in the footsteps of Gucci

While some US Gucci stores are accepting cryptocurrency payments at the end of the month, Balenciaga, in turn, has made the decision. The brand’s customers will soon be able to pay for their purchases in Bitcoin and/or Ethereum (before the addition of other currencies) at several of its flagship stores in the United States, as well as on the brand’s US site.

Balenciaga is expected to announce shortly which professional platform will manage transactions and exchange rates at a time when the cryptocurrency market is experiencing a significant decline in value.

The brand will launch cryptocurrency as an additional means of payment at its Madison Avenue flagship store in New York, as well as its Beverly Hills store. The decision also allows customers to purchase products with cryptocurrencies from the online store.

The company is currently considering its new supplier to implement this payment solution. Anyway, Balenciaga originally planned to accept Bitcoin (BTC) and Ether (ETH).

Balenciaga’s move comes just weeks after the digital asset market crashed, with bitcoin falling to a new annual low of $26,700, according to data from Binance.

After being asked about the volatility of the crypto market, Balenciaga responded to the decision: “Balenciaga considers cryptocurrencies for the long term, and fluctuations in currency values ​​are nothing new.

With the aim of attracting the new generation

This test-and-learn strategy is in line with the digital innovations Balenciaga has made in recent months, including the opening of a business unit dedicated to the Metaverse.

With the gradual democratization of cryptocurrency payments, the brand is pursuing the Web3 vision of its parent company Kering, which also owns Gucci. So many forward-looking messages driving popularity in the minds of consumers from Gen Z to tech junkies, as evidenced by the two brands’ lead in the latest rankings of Lyst’s most searched brands and products.

A recent survey conducted by Crypto.com confirmed merchants’ perceived interest in payments for digital assets. The company’s “Crypto for Payments Report” shows that only 4% of merchants currently accept cryptocurrencies as a means of payment. More interestingly, though, 60% of merchants are interested in accepting cryptocurrencies in 2022. The report adds that 70% of consumers expressed the same interest.

The adoption of cryptocurrencies as a new means of payment is not new for major luxury brands. In fact, some companies launched long before Balenciaga, perhaps to accommodate a new type of clientele.

Recently, the well-known watch brand TAG Heuer announced that its customers in the United States could pay for their purchases in cryptocurrencies. So starting this week, TAG Heuer customers in the United States can use digital currency to purchase a la carte items from the brand’s watches and accessories with no minimum fees. Just select “BitPay” when paying.

TAG Heuer now accepts 12 cryptocurrencies, including Bitcoin (BTC), Bitcoin Cash (BCH), Dogecoin (DOGE, Ethereum (ETH, Litecoin), supported by BItPay, which specializes in deploying blockchain payment technology for businesses (LTC), Shiba Inu (SHIB), etc., as well as dollar-backed stablecoins.

In addition, it is worth noting Watches World, a platform for buying and reselling luxury watches, as well as luxury ready-to-wear brand Philipp Plein as a luxury brand that has also adopted cryptocurrency payments.

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