rafiullah rahmani Freelancing since 2020. Worked with a wide variety of clients from different sectors including the hospitality, tech, business services, travel & education. I love thinking, learning, and writing about all things Web3, particularly its impact on major creative industries.

Luxury Fashion Brand Balenciaga will accept crypto payment

3 min read

In short:

Balenciaga is the latest fashion brand to embrace cryptocurrencies as a payment method.

Balenciaga Catching the Crypto Wave

Philipp Plein Allows Payments in Digital Assets

Luxury fashion house Balenciaga has agreed to open its heart and mind to digital currency payments. The company announced in a statement that various stores across the US are now going to accept different crypto assets for items like clothing and wallets.

Balenciaga Says “Yes” to Crypto

The move is pushing the goals of bitcoin and its digital counterparts closer to being achieved. What many people likely forget is that while bitcoin and many of its crypto cousins have taken on either speculative or even hedge-like statuses in recent years, many of them were initially designed to serve as payment tools. They were built to push checks, credit cards, and fiat currencies to the side, but this has been a relatively slow journey given the volatility that continues to drag them down.

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It is extremely hard to understand when bitcoin and its crypto family will go up or down when it comes to their prices. Many stores and companies have been reluctant to say “yes” when it comes to accepting crypto payments for this reason, and to a degree, we can’t blame them.

Consider the following scenario: someone walks into a store and buys $50 worth of merchandise with bitcoin. For one reason or another, the store doesn’t trade the BTC into fiat right away and about 24 hours go by. From there, the price of BTC goes down and that $50 becomes $40. The customer gets to keep everything he or she bought, but the store has lost money in the end. Is this a fair situation? Not everyone thinks so.

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That’s what makes enterprises like Balenciaga so important. They understand the initial purposes of bitcoin and digital currencies and are trying to transform them into usable tools that everyday people can benefit from.

Luxury Fashion Brand Balenciaga will accept crypto payment

Balenciaga is working hard to enter the financial arena. Not long ago, the company hosted a fashion show at the New York Stock Exchange. All the clothes and items on display during the show had monetary themes.

Giving Holders Something New to Consider

Among the stores that are planning to accept crypto payments include those in Beverly Hills, CA; Costa Mesa, CA; Las Vegas, NV; the Miami Design District; and on Madison Avenue in New York. The company is known for selling a wide array of luxury items including raincoats, sunglasses, rain boots, sneakers, and handbags.

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There is also good news in that these stores are giving crypto holders something else to do with their coins. Right now, the entire state of digital currency is in disarray, with bitcoin – the world’s leading crypto by market cap – having lost more than 70 percent from its November 2011 high of about $68,000 per unit. The crypto space has also lost a total of $2 trillion in valuation over the past several months.

Balenciaga Catching the Crypto Wave

According to a recent coverage, Balenciaga will allow its American customers to buy clothes, shoes, bags, and other products using bitcoin and ether. Customers will also be able to pay in crypto when purchasing from the brand’s official website. The fashion house is expected to extend its offer to other regions and add more digital assets at some point in the future.

The recent decline of the cryptocurrency market might be an issue for numerous individuals and companies with exposure to the asset class, but this is not the case for Balenciaga. The company disclosed it is “thinking long-term,” and temporary fluctuations are “nothing new.”

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Earlier this month, the Swiss luxury watchmaker Tag Heuer dived into the world of crypto, too, accepting twelve digital assets plus five stablecoins as a means of settlement on its US website. The company’s partner in the initiative was the payment service provider BitPay.

Similar to Balenciaga, Frédéric Arnault – CEO of Tag Heuer – disclosed the firm had been intrigued by bitcoin since its birth and the recent price swings of the market are not a concern.ADVERTISEMENT

“This new crypto payment feature is just the beginning of many exciting projects for Tag Heuer in the Web3 universes,” the executive added.

Philipp Plein Allows Payments in Digital Assets

Last year, the German fashion company – Philipp Plein International AG – enabled its customers to employ 15 cryptocurrencies as a payment method when buying its products. Two of those assets are the leading ones by market capitalization – bitcoin and ether.

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Introducing such an offering was not a huge surprise since the CEO of the brand – Philipp Patrick Plein – is a keen proponent of the crypto sector and even a HODLer.

“I am a crypto investor, and I believe in the future of crypto – this is why I decided to offer this payment method in my stores and online…together, we are making HISTORY,” the executive stated back then.

Last month, Plein revealed that crypto payments accounted for around 3% of the fashion company’s $105 million online revenue in 2021. In his view, 2022 will be even more successful, predicting that settlements with digital assets will form up to $21 million of the yearly earnings.

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rafiullah rahmani Freelancing since 2020. Worked with a wide variety of clients from different sectors including the hospitality, tech, business services, travel & education. I love thinking, learning, and writing about all things Web3, particularly its impact on major creative industries.

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