Bitcoin and Ethereum will soon be accepted as payment options by the 103-year-old fashion brand Balenciaga.
Founded in 1919 by Spanish designer Cristóbal Balenciaga in San Sebastian, Spain and later purchased by Kering, Balenciaga is a “luxury fashion company.” Founded in France, Kering is a luxury goods-focused international conglomerate. Balenciaga, Bottega Veneta, Gucci, Alexander McQueen, and Yves Saint Laurent are just a few of the high-end labels it controls.
New York’s Madison Avenue and Beverly Hills’ Rodeo Drive are among the locations where Balenciaga accepts cryptocurrency, according to a report in Women’s Wear Daily (WWD). “Other locations and e-commerce will follow,” the corporation adds.
WWD’s article said that “the fashion company is still determining on what payment solutions provider it will employ, but it will take currencies like Bitcoin and Ethereum, to begin with, and more currencies will be added in due time.”
As long as we’re in a bear market, Balenciaga doesn’t seem too bothered. There are always going to be ups and downs in the value of the dollar, but that’s nothing new for Balenciaga.
While Kering owns Gucci, Vogue Business reported on May 4 that it would begin accepting cryptocurrency as a form of payment at certain of its U.S. shops by the end of May, and it plans to expand this initiative to all its directly run North American stores by summer’s close.
“In-store crypto payments will be done through a link delivered via email to the consumer,” according to the Vogue Business story. “The link has a QR code that enables them to execute the payment from their crypto wallet,” according to the report.