Luxury watchmaker Tag Heuer starts accepting crypto for online purchases
Swiss luxury watchmaker Tag Heuer has announced the rollout of cryptocurrency payments for all online purchases on its United States website.
In a press statement on May19, Tag Heuer noted that the new crypto payment option is a partnership with BitPay and will incorporate 12 digital currencies, including Bitcoin, Ethereum, Dogecoin, and five dollar-pegged stablecoins.
Under the pilot project, U.S. customers will have no minimum amount to spend while the maximum has been capped at $10,000 per transaction. The company stressed that the new payment option was motivated by a rise in the number of customers using digital currencies.
Tag Heuer Web3 plans
Furthermore, the company revealed that crypto payments are the first step of its venture into Web3 and the general incorporation of blockchain technology and NFTs.
“As a luxury brand we had to ensure that our entrance into Web3 would meet our standards of excellence and thanks to our nimble teams in-house and with the support of BitPay we are able to dive into this new financial world in the best way possible,” said Frédéric Arnault, CEO of TAG Heuer.
Besides Tag Heuer, several watchmakers have in the recent past increased inroads in the crypto space. For instance, Breitling began issuing NFTs along with physical watch sales, while watch brand Jacob & Co is also accepting cryptocurrency payments.
Tag Heuer also joins other luxury fashion brands incorporating blockchain in their operations. As reported by Finbold, French fashion magazine L’OFFICIEL announced plans to launch some of its collections in the metaverse.
The initiative will see the magazine introduce a virtual gaming land identified as The Sandbox under a project dubbed Fashion Skin.
Elsewhere, Prada also released its NFT after a partnership with Adidas. The collectible was a crowd-sourced digital artwork in a Beeple-style collage.
Baltrusaitis, J. (2022, May 19). Luxury watchmaker tag heuer starts accepting crypto for online purchases. Finbold. Retrieved May 20, 2022, from https://finbold.com/luxury-watchmaker-tag-heuer-starts-accepting-crypto-for-online-purchases/