Balenciaga, the famous fashion house, has made an important announcement: it has informed its customers in the United States that it will soon be possible for them to buy their fashion items by paying with bitcoin or other crypto.
This information is all the more important as Balenciaga is one of the most important clothing brands in the United States. Fashion, which has already made headlines, particularly through fashion shows in the metaverse and NFTs, is expanding its field of action by opening up to cryptocurrency payments.
Balenciaga is reportedly rolling out cryptocurrency as an additional means of payment at its Madison Avenue flagship stores in New York, as well as at its Beverly Hills store. This initiative will also allow customers to make cryptocurrency purchases on its online store.
For the moment, the fashion house has not yet specified which Balenciaga cryptocurrencies will be accepted for the purchase of the items. But, one can guess that at the very least, the first two cryptocurrencies, bitcoin and ether, will likely be two options available to customers; other cryptocurrencies will no doubt be added.
Balenciaga’s move comes just weeks after the broader cryptocurrency market plunged, with bitcoin falling to a yearly low of $26,700 according to Binance.
Asked what they think of the general bearish movement in cryptocurrency markets, Balenciaga officials showed their optimism for a long-term recovery: Balenciaga is thinking long-term on crypto, and fluctuations in currency values are nothing new. »
As Balenciaga becomes another big brand to accept cryptocurrency payments, it’s no secret that several other fashion houses have shown interest in cryptoassets. More recently, luxury brand Gucci announced that it would be piloting a cryptocurrency program that would begin at the end of May 2022 and should eventually be rolled out to all non-franchised U.S. stores.
A recent study conducted by Crypto.com confirmed the interest shown in recent weeks by retail companies in crypto payments. The company’s “Crypto for Payments Report” indicates that currently only 4% of merchants accept cryptocurrencies as payment. However, more interestingly, it indicated that 60% of merchants are interested in accepting crypto in 2022. The report also added that 70% of consumers show the same interest.
In these times when cryptocurrencies are going through a veritable bear storm whose bottom has not yet been reached, it is reassuring to realize that more and more companies are accepting payments in cryptocurrencies, because it means that these companies meet a demand among their customers, which means that the interest in cryptocurrencies is always present.
Source : Beincrypto.com
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Luc Jose Adjinacou
Far from having dampened my enthusiasm, an unsuccessful investment in a cryptocurrency in 2017 only increased my enthusiasm. I therefore resolved to study and understand the blockchain and its many uses and to relay with my pen information relating to this ecosystem.