Balenciaga accepts cryptocurrencies
Balenciaga will now accept major cryptocurrencies as formal payment, joining the ranks of luxury stores such as Gucci and Tag Heuer. “Balenciaga is thinking long-term about crypto, and currency value changes are nothing new,” the firm said in a report by Women’s Wear Daily.
Cryptocurrency and its potential to disrupt the stock market have recently been the talk of the town amongst IT enthusiasts. Balenciaga’s recent exhibition at the New York Stock Exchange may have hinted at the brand’s persistent interest in the cryptocurrency mania. With that said, the highly sought-after trend model is now officially taking bitcoin payments.
Starting in the United States, Balenciaga will take cryptocurrency at its flagship stores on Rodeo Drive in Beverly Hills and Madison Avenue in New York, as well as on the Balenciaga website.
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The company intends to quickly expand into new areas and e-commerce websites, allowing customers to experience a seamless integration of cryptocurrency into the business. While Balenciaga has yet to reveal which fee alternatives it will use, it appears that it will select popular cryptocurrencies such as Bitcoin and Ethereum. The strategy is modeled after other Kering-owned brands like Gucci, which recently announced that they may take 10 cryptocurrencies later this year.
“Balenciaga is thinking long-term about crypto, and swings in currency value are nothing new,” the company said in a statement on its shift to crypto. As more brands accept cryptocurrency as payment, some may claim that it makes the fashion industry more accessible, while others believe it makes luxury more unique. However, one thing is certain: as time passes, the adoption of cryptocurrency by fashion houses will become more ubiquitous.
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Was it because of the show’s location at the New York Stock Exchange, or just because people wanted to play with it? Regardless matter the rationale, Balenciaga has announced that it would now accept cryptocurrency payments. One may argue that the timing wasn’t perfect, but starting in the United States, the brand will take cryptocurrency at its iconic stores, including Madison Avenue in New York and Rodeo Drive in Beverly Hills, as well as on balenciaga.com. According to the company, other regions and e-commerce will follow.
The fashion house is still deciding what payment solutions provider it will use, but it will accept currencies like Bitcoin and Ethereum, to begin with, and other currencies will be added in due course.
As for the volatile fluctuations in value and whether that is cause for concern, the company said in a statement, “Balenciaga is thinking long-term about crypto, and fluctuations in currency value are nothing new.”
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