Tag Heuer, a Swiss luxury wristwatch, has announced the implementation of cryptocurrency payments for all online orders on its U.S. website.
Tag Heuer said in a press release on May 19 that the new crypto payment option is in cooperation with BitPay and would accept 12 digital currencies, including Bitcoin, Ethereum, Dogecoin, and five stablecoins tied to the dollar.
Under the experimental programme, U.S. users will not be required to spend a minimum amount for every transaction, although the maximum has been set at $10,000. The corporation emphasised that the new payment option was prompted by the increasing number of clients who use digital currencies.
In addition, the business said that crypto payments represent the first phase of its foray into Web3 and the inclusion of blockchain technology and NFTs in general.
Frédéric Arnault, CEO of TAG Heuer, said, “As a premium brand, we had to guarantee that our entry into Web3 met our standards of quality. Thanks to our agile in-house teams and the backing of BitPay, we are able to plunge into this new financial realm in the best manner possible.”
In addition to Tag Heuer, numerous other watchmakers have expanded their presence in the crypto market in recent years. Breitling, for example, started issuing NFTs with the sale of actual watches, while Jacob & Co also accept cryptocurrency payments.
Tag Heuer joins other premium fashion firms that have integrated blockchain technology into their operations. According to Finbold, L’OFFICIEL, a French fashion magazine, has revealed intentions to showcase some of its designs in the metaverse.
The magazine will launch a virtual game environment called The Sandbox as part of the Fashion Skin concept.
Prada also debuted their NFT after partnering with Adidas elsewhere. The collectable was a Beeple-style collage of crowdsourced digital art.