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Cryptocurrencies have become increasingly popular over the past year. Because of this popularity, cryptocurrencies are now being endorsed by top brands globally as a means of payment.
Balenciaga accepts crypto payments
Balenciaga, a leading luxury brand company, has announced it will endorse payments in cryptocurrencies. The French luxury brand has said it will accept Bitcoin (BTC) and Ethereum (ETH) as a payment method within the United States.
Balenciaga has not given a reason why it will accept Bitcoin as a payment method. However, over the past week, the value of the luxury brand has recorded a sharp decline, and this rise in volatility could have triggered concern, prompting the company to shift its business model. The move could have also been influenced by demand from customers.
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Balenciaga will endorse crypto payments in all flagship stores located within the US. It will also accept these crypto assets from customers based in the US that buy products through its website. Balenciaga is also expecting to expand this payment option to other regions and ecommerce platforms globally.
While the company has confirmed that the integration will indeed happen, it is still discussing the payment method to be used. Bitcoin and Ethereum will be the first currencies accepted, but there are plans to integrate other tokens in the future. IT also added that its cryptocurrency plans were for the long term, adding that it was not spooked by the changes in volatility.
Luxury brands endorse crypto
Balenciaga is not the only luxury brand that has endorsed cryptocurrencies. Luxury retailers have endorsed the sector since the beginning of the year. In March, Off-white announced it would accept crypto payments for its flagship stores in London, Milan and Paris.
The other brands that have endorsed crypto payments recently include Tag Huer and LVMH Hoet. These companies have endorsed various cryptocurrencies, including Bitcoin, Dogecoin, and Ethereum.
Gucci is currently taking the lead in being steadfast with its cryptocurrency plans. The luxury brand recently unveiled a Web3 team and purchased a piece of digital real estate on The Sandbox metaverse. The Sandbox is a real estate platform based on blockchain technology.
Besides investing in The Sandbox, Gucci became the first luxury brand to endorse non-fungible tokens (NFTs). It released its first NFT on June 25, and it sold it for $25,000. Gucci has also released two other NFT collections.
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