Balenciaga from dirty-looking sneakers now accepts cryptocurrency payment

Fashion house Balenciaga, which has made headlines in recent weeks for selling dirty-looking sneakers for nearly R$10,000, announced that it has started accepting cryptocurrency payments at its main stores in the United States.

According to a report by the Women’s Wear Daily portal, the fashion company’s CEO, Cedric Charbit, reported that the French fashion brand will accept payments in Bitcoin (BTC) and Ethereum (ETH) at select stores.

The list includes branches on Madison Avenue in New York and Rodeo Drive in Beverly Hills. In addition, it will also be possible to pay in crypto on purchases through the company’s website.

Cryptocurrency volatility is not a concern

Also according to the report, the company will expand the acceptance of crypto payments to other stores in the near future. This will occur after the company receives customer feedback regarding the initiative.

Additionally, Balenciaga noted that it will add other digital currencies to the list once it selects a cryptocurrency payment provider.

Then, once the provider is chosen, stores will be able to accept other cryptocurrencies. This includes, for example, Shiba Inu (SHIB), Dogecoin (DOGE) and Cardano (ADA).

Although the crypto market is bearish in 2022, seeing corrections in recent months, Balenciaga stated that this is not a drag.

That’s because the company said it is “thinking long-term in cryptocurrencies.” As Balenciaga pointed out, “fluctuations in the value of currencies are nothing new”.

Fashion brands accept cryptocurrency payments

The Paris-based fashion house is not, however, the only luxury brand accepting cryptocurrency payments.

After all, TAG Heuer, Gucci, Off White and many other brands also announced that they would accept cryptocurrency payments.

In March, Off-White announced that its stores in Paris, London and Milan had started accepting crypto payments. Crypto options include Bitcoin, Ethereum, Binance Coin, XRP and others.

In May, TAG Heuer and LVMH Hoët said customers could pay with cryptocurrencies, including Bitcoin, Dogecoin and Ethereum.

More recently, it was the turn of the Equinox fitness club to announce the acceptance of cryptocurrencies in New York clubs.

Gucci is perhaps one of the companies that has advanced the most in this regard. In addition to accepting payments in various cryptocurrencies, the company recently built a team focused on Web3. At the same time, it acquired a digital property in the blockchain-based metaverse The Sandbox.

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