The iconic French fashion house Balenciaga becomes the latest luxury brand to start accepting cryptocurrency payments in its U.S. stores.
According to a Business Today report, the Madison Avenue in New York and Rodeo Drive in Beverly Hills stores would start accepting crypto payments from June.
According to Balenciaga CEO Cédric Charbit, the stores will initially accept BTC and ETH with more coins to be added later.
Balenciaga’s creative director, Demna Gvasalia, stated on Instagram that the brand will now accept cryptocurrencies for online transactions as well.
According to sources, the recent large sell-off in crypto assets like TerraUSD (UST) and Terra (LUNA) had no effect on Charbit’s determination to integrate crypto payments, and he is thinking long-term.
Balenciaga recently announced the debut of the “Cristobal Balenciaga: To the Moon” NFT collection on the Crypto.com NFT market, which is devoted to the brand’s creator, Cristobal Balenciaga.
Also Read: TAG Heuer Inks Deal with Bitpay to Accept Crypto Payments
This is not the haute couture brand’s first web3 initiative. Last December, Balenciaga announced its business unit focusing on the metaverse. Charbit explained that the aim of this project is to explore commerce and marketing opportunities in the expanding metaverse.
By beginning to accept cryptocurrency payments, Balenciaga joins the likes of fashion houses Gucci and Off-White who have already started accepting crypto payments in their flagship stores in the U.S. The luxury brands are wooing younger generations by catering to rising trends, as evidenced by their choice to accept crypto payments.
