French haute couture brand Balenciaga accepts Bitcoin and Ethereum payments

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2022-05-25 14:55:29

High-end fashion brand Balenciaga officially accepts payments in Bitcoin and Ethereum. Besides, they also confirmed that they are designing a long-term metaverse business strategy.

French High-fashion Brand Balenciaga Accepts Bitcoin & Ethereum Payments

According to The Wall Street Journalstarting next month, French fashion brand Balenciaga will include Bitcoin and Ethereum as payment options at some of its pilot sales and online shopping.

Initially, Balenciaga will only allow payments in Bitcoin or Ethereum, the two largest cryptocurrencies by market capitalization. In the future, they will integrate more coins.

Luxury fashion is no stranger to Web3. Last year saw many brands including Balenciaga, Gucci, Nike, Dolce & Gabbana and Burberry release NFT collections and lay the first bricks for their journey to conquer the metaverse.

Fashion house Gucci began piloting online crypto payments at five sales locations by the end of May. Gucci will open payments in Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Wrapped Bitcoin (WBTC), Litecoin (LTC), Dogecoin (DOGE), Shuba Inu (SHIB) and 5 other stablecoins.

In December, Balenciaga announced the creation of an internal metaverse business unit. However, Cédric Charbit, the company’s CEO, refused to reveal anything about the unit’s long-term plans or strategy, seeing the “metaverse as a country”, an important market. as any country in which the brand is currently active.

This move shows that they are considering cryptocurrencies as an important part of their long-term plans, they are not even shaken even when the market is volatile after the historic crash of LUNA-UST . The amount of Bitcoin needed to buy a Balenciaga hoodie worth $1,250 last November would cost just under $563 today. When asked if the recent market crash would affect Balenciaga’s position on the cryptocurrency, Charbit was only interested in the “long-term” trend.

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