Luxury clothing brand Balenciaga, cryptocurrency announced that he would accept the payment.
According to the company’s statement, bitcoin and Ethereum A payment system will be adopted with cryptocurrencies such as
Balenciaga Expands Payment Network Despite Market Fluctuation
There is no definite information about why Balenciaga took this decision, but there are some estimates to support this. It is thought that the loss of value experienced in the last ten days was effective in taking this decision of the company. The company may be worried about value fluctuations, or it may be just customer demand that crypto payments are accepted.
Specifically, Balenciaga will accept cryptocurrencies at all of its main stores in the US, including Madison Avenue in New York, Rodeo Drive in Beverly Hills, and its website. The brand also thinks that there will be developments in other regions and e-commerce in this direction.
Bitcoin and Ethereum Cryptocurrencies Will Be Accepted as a Startup
Negotiations are ongoing regarding which payment system provider the company will partner with. Initially, the company will accept Bitcoin and Ethereum, and other altcoins will be added later. Balenciaga explained that he is considering crypto assets for the long term, and fluctuations in the value of these assets are not a new phenomenon.
Many other luxury stores were also starting to adopt cryptoassets. In March, Off-White made a similar arrangement for payments at its main stores in Paris, London and Milan. Earlier this month, other brands such as Tag Heuer and LVMH Hoët announced that customers can use a variety of crypto assets for payment, including Bitcoin, Dogecoin and Ethereum.
*Not investment advice.