Popular fashion house Balenciaga has announced that it will begin accepting cryptocurrencies as payment within the U.S.
The popular fashion brand is set to begin allowing customers in the United States to pay for their items with crypto if they wish to.
The brand is said to be rolling out crypto as an additional form of payment in its flagship stores on Madison Avenue in New York, as well as its Beverley Hills store. The move will also allow customers to complete purchases with crypto on its online store.
Balenciaga has not confirmed which cryptocurrencies will be available to purchase items. However, it is expected that bitcoin and ethereum are most likely going to be two options available to customers to start with, and more cryptos could be added down the line.
Crypto payments during a bear market
The move by Balenciaga comes just weeks after the entire crypto market took a nosedive, with bitcoin dropping to a new yearly low of $26,700 according to Binance.
Balenciaga commented on the move when questioned about the volatility of the crypto market, saying, “Balenciaga is thinking long-term about crypto, and fluctuations in currency value are nothing new.”
Merchant interest in crypto payments increasing
While Balenciaga becomes another large brand to accept payments in cryptocurrencies, it is no secret that merchants have a keen interest in exploring additional payment methods. Most recently, luxury brand Gucci announced it would be piloting a crypto program that would begin at the end of May 2022. Gucci plans to roll out the crypto pilot program to all non-franchise American stores eventually.
A recent study conducted by Crypto.com has verified the interest being seen in recent weeks from merchants looking into crypto payments. The ‘Crypto for Payments Report’ that was conducted by the firm, indicated that currently, only 4% of merchants accepted cryptocurrencies as a form of 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 showed the same interest.
James, R. (2022, May 23). Fashion brand Balenciaga will begin accepting crypto as payments. BeInCrypto. Retrieved May 23, 2022, from https://beincrypto.com/fashion-brand-balenciaga-will-begin-accepting-crypto-as-payment/