Balenciaga, a luxury fashion house belonging to the Kering Luxury Group is planning to accept cryptocurrencies as a payment option for its American customers. Balenciaga’s main locations in Los Angeles and New York, as well as the brand’s website, will accept cryptocurrency.
According to a report from WWD (Women’s Wear Daily), the French luxury brand is starting its crypto journey with outlets in the United States. According to the report, the world’s two most popular cryptocurrencies, Bitcoin and Ethereum, are the first to be integrated into Balecengia’s payment options.
Given the significant uncertainty in the digital asset markets and the recent drop in cryptocurrency values, the company decided to continue its foray into the Web3 ecosystem, citing a long-term strategy.
It’s unclear whether this choice was influenced by Balenciaga’s recent decision to hold its latest fashion show on the floor of the New York Stock Exchange and use phony bankrolls as an invitation, or whether one cannot push the boundaries of fashion without using crypto—the most boundary-breaking currency—as a payment method, but the brand joins an already impressive list of pro-crypto brands.
Balenciaga has yet to select a Bitcoin payment gateway provider, but it has joined the increasing list of high-end retailers and service providers who are interested in accepting Bitcoin and other cryptocurrencies.
Gucci stated earlier this month that it would begin taking Bitcoin and other cryptocurrencies in a limited pilot program. Tag Heuer, a Swiss luxury wristwatch company, announced a few days after Gucci that it would begin taking Bitcoin and other forms of cryptocurrencies as payment through its e-commerce platform.
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