According to a report from Women’s Wear Daily, Balenciaga, Paris based premium fashion label owned by the Kering Luxury Group, will begin taking bitcoin and other cryptocurrencies as payment in stores and online.
The brand’s main locations on Madison Avenue in New York and Rodeo Drive in Beverly Hills will be the first to accept the new payment method, while the brand’s website will follow suit. More retail and e-commerce features are expected to be added in the future, according to reports.
According to the article, Balenciaga has yet to select a bitcoin payment gateway provider. The company stated that it will first accept bitcoin and other cryptocurrency, with the intention of adding other cryptocurrencies in the future.
Referring to the current market volatility in the bitcoin space, Balenciaga stated:
“Balenciaga is thinking long-term about cryptocurrency, and currency value changes are nothing new.”
Balenciaga has joined the increasing list of high-end retailers and service providers who are interested in accepting bitcoin and other cryptocurrencies.
Gucci stated earlier this month that it would begin taking bitcoin and other cryptocurrencies in a limited pilot programme. Tag Heuer, a Swiss luxury wristwatch brand, announced a few days after Gucci that it would begin taking bitcoin and other forms of cryptocurrencies as payment through its e-commerce platform.
Tell us which clothing brand you would like to accept crypto payments as well?
Read more: Tag Heuer now accepts crypto for online purchases
