The luxury brand is still debating which payment mechanism will be utilized.
The initial currency accepted will be Bitcoin and Ethereum.
Since last year, the number of people using cryptocurrencies has skyrocketed. Coins like Bitcoin and Ethereum have gained a lot of traction in recent years. A well-known luxury brand, Balenciaga, has announced that it would accept cryptocurrency payments. Bitcoin (BTC) and Ethereum (ETH) will be accepted as a form of payment by the French luxury brand in the United States.
Balenciaga has not explained why it plans to embrace Bitcoin as a form of payment. However, a dramatic decrease in the premium brand’s value over the last week may have prompted the management to rethink its business strategy. Customers may have also had a role in the company’s decision.
Staying Ahead With the Digital Trend
All of Balenciaga’s flagship boutiques in the United States will accept cryptocurrency payments. Customers from the United States who purchase goods from the company’s website may also use these crypto assets to pay. Other locations and ecommerce sites throughout the world are also being targeted by Balenciaga.
While the integration has been finalized, the corporation is still debating which payment mechanism will be utilized. The initial currency accepted will be Bitcoin and Ethereum, but more tokens may be added in the future. It also said that its cryptocurrency goals were long-term and unfazed by the recent volatility shifts in the cryptocurrency market.
Not only has Balenciaga backed cryptocurrency, but so have other high-end fashion houses. Since the beginning of the year, luxury merchants have praised the industry. In March, off-flagship white boutiques in London, Milan, and Paris will begin accepting cryptocurrency payments.