LUXURY fashion brand Balenciaga will start accepting cryptocurrency as a form of payment
from next month.
The French label will allow payments in Bitcoin or Ethereum, the two largest cryptocurrencies by market cap, but have plans to expand to other coins including Shiba Inu and Dogecoin soon.
Flagship stores in the US located at Madison Avenue in New York and Rodeo Drive in Beverly Hills will be the first stores to accept the new form of payment.
The brand’s website will also accept crypto as payment.
Follow 24/7 Crypto on Twitter for the latest news and developments as they happen
The amount of Bitcoin needed to buy a $1,250 Balenciaga hoodie in November would now be worth around $550 today.
But the volatile market doesn’t intimidate the brand’s CEO.
When asked if the market’s recent crash affected Balenciaga’s position on crypto Cédric Charbit said: “Balenciaga is thinking long-term about crypto, and fluctuations in currency value are nothing new.”
Balenciaga are now the latest fashion brand to embrace cryptocurrencies as a payment method.
Earlier this month, Gucci announced it would start accepting crypto payments online and at five stores in the US.
Gucci currently accepts cryptocurrencies Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Dogecoin, and Shiba Inu as payment.
The last year has also seen fashion brands, including Balenciaga, Gucci, Nike, Dolce & Gabbana, and Burberry launch NFT collections and metaverse pop-ups.
Sign up to get our weekly cryptocurrency, NFT and metaverse news round-ups direct to your inbox
