Balenciaga to accept Bitcoin and Ethereum

Balenciaga will accept Bitcoin (BTC) and Ethereum (ETH) as a means of online payment in selected stand-alone stores.

The luxury fashion label has pledged to start accepting the two largest cryptocurrencies by market cap in online payments at selected store locations, according to The Wall Street Journal.

Balenciaga is not the first to embrace cryptocurrencies as a form of payment, even instant messaging service Telegram recently announced its acceptance of crypto payments on the platform.

Earlier this month, Italian brand Gucci made its own announcement to allow crypto payments online in five stores, accepting not only BTC and ETH but Litecoin (LTC), Dogecoin (DOGE) and Shiba Inu (SHIB).

Balenciaga will start with its two chosen cryptocurrencies before adding additional coins to the new program.

Luxury fashion brands have followed suit not only with cryptocurrencies but also with Web3. Over the course of last year, Nike, Dolce & Gabbana, Burberry, Gucci and Balenciaga all launched their own metaverse pop-ups and NFT collections.

In December, Balenciaga even announced an in-house metaverse business unit. Balenciaga CEO Cédric Charbit likened the metaverse to a “country”, one that is just as important as anywhere else.

He continued to explain that using such cryptocurrencies will be a “long-term” adaptation to the company’s payment methods.

Crypto for payments has taken the world by storm with major organizations like Google and Samsung both adapting to the new methods.

In November 2021 private fintech company Stripe mooted the possibility of global crypto payments, and more recently Ebay’s CEO Jamie Lannone hinted at the implementation of crypto payments soon.

In the meantime, while we wait for the rest of the world to accept cryptocurrencies, if you want to use yours for gaming, we recommend turning to Bitcasino, 1xBit or FortuneJack.

Source

Updated: 05/24/2022 — 15:00