Balenciaga, a high-end fashion house, has announced that bitcoin, Ethereum, and other cryptocurrencies would be accepted as payment methods both online and in select shops.
Although the timing may not have been ideal, the company will accept cryptocurrencies at its prominent boutiques, including Madison Avenue in New York and Rodeo Drive in Beverly Hills, as well as on balenciaga.com, beginning in the United States. Other locations and e-commerce, according to the corporation, will follow.
According to the article, Balenciaga has yet to choose a bitcoin payment gateway supplier. The firm announced that it will accept bitcoin and Ethereum first, with the intention of adding other cryptocurrencies afterwards.
The French luxury fashion business recently announced the debut of the “Cristóbal Balenciaga: To the Moon” NFT line on the Crypto.com NFT marketplace. The NFT line was named after the firm’s founder, Cristobal Balenciaga, who started the company in 1919 and later sold it to the French luxury giant Kering.
In December of last year, Balenciaga revealed a metaverse business unit. Several other luxury brands have said that they will accept bitcoin payments in addition to the Paris-based fashion house.
At March, Off-White opened comparable payment arrangements in its flagship stores in Paris, London, and Milan. Other companies, like Tag Huer and the LVMH Hot, revealed earlier this month that customers will be able to pay using cryptocurrencies such as Bitcoin, Dogecoin, and Ethereum at checkout.
According to experts, widespread cryptocurrency acceptance by luxury enterprises will have a significant influence, culminating in crypto adoption throughout other industries.