Luxury Fashion Brand Balenciaga Will Accept Crypto Payments
Balenciaga Will Accept Bitcoin and Ethereum as Payment Options
According to a Women’s Wear Daily report, the luxury fashion brand will be accepting Bitcoin (BTC) and Ethereum (ETH) as payment options in selected U.S. stores, including its branches at Madison Avenue New York, and Rodeo Drive in Beverly Hills, as well as its online store.
The company revealed that it will include other stores over the world following customers’ reactions to the initiative. Once Balenciaga chooses a payment provider like BitPay, the list of supported cryptocurrencies may expand to include many digital currencies, including Shiba Inu (SHIB), Dogecoin (DOGE), and Cardano (ADA).
“Balenciaga thinks about cryptocurrencies in the long term, and fluctuations in the value of the currency are not a cause for concern,” the brand said.
The development comes as many fashion brands like Gucci, TAG Heuer, among others have delved into the cryptocurrency sector as demand for the nascent asset class surges over the years.