Monday, June 17, 2024
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Luxury brand increases demand for cryptocurrency payments

According to a recent interview, German fashion designer Philipp Plein is experiencing an increase in demand for cryptocurrency payments. 

The company’s founder, Philipp Plein, believes his fashion brand could earn over $16 million from crypto-savvy clients by 2022. Digital assets accounted for around 3% of revenues last year, but their percentage is likely to increase in 2022.

Last August, the company’s premium brand began accepting cryptocurrency. Clients may pay using Bitcoin, Dogecoin, Ethereum, Tether, and other cryptocurrencies. Philipp Plein was the first well-known fashion brand to use it.

Because of the high level of participation, the experiment was found to be very high from the start. The fashion label has decided to keep its cryptocurrency rather than sell it for cash.

In the most recent interview, the founder said he has gained many new customers as a result of his choice to target affluent crypto investors.

Recently, the designer label chose to include cryptocurrency in its recently launched London shop. “England is incredibly crucial because, as we all know, England recently stated a few weeks ago that they want to become a crypto centre in Europe,” Plein said.

Plein’s controversial lifestyle has made him one of the most polarising individuals in the worldwide fashion industry.

Despite his questionable background, the “king of bling” has partnered with A-list celebrities such as Naomi Campbell and Paris Hilton. According to the fashion designer, he personally owns 170 bitcoins valued at around $6.6 million at the time of publication.

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Jeewan Singh
Jeewan Singh
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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