According to reports, the French fashion house Balenciaga would accept crypto as a payment mechanism for its items. Initially, the service will be accessible in the firm’s Madison Avenue and Rodeo Drive stores in New York and Beverly Hills, respectively.
Balenciaga will let its American consumers purchase clothing, shoes, bags, and other items with bitcoin and ether, according to recent reports. Customers will be able to make purchases using crypto on the brand’s official website as well. At some time in the future, the fashion business is likely to expand its offering to other regions and include more digital assets.
The recent downturn in the bitcoin market may be a concern for many individuals and businesses with crypto exposure, but not for Balenciaga. Temporary swings are “nothing new,” according to the firm, which is “thinking long-term.”
Tag Heuer, a Swiss luxury watchmaker, entered the crypto world earlier this month, accepting twelve digital currencies and five stablecoins as payment methods on its US website. BitPay, a payment service provider, was the company’s initiative partner.
Similar to Balenciaga, Tag Heuer CEO Frédéric Arnault stated that the company has been attracted by bitcoin since its inception and that recent market price swings are not a problem.