Balenciaga will accept Bitcoin and Crypto as payment

Balenciaga, a luxury fashion house, will start accepting bitcoin and other cryptocurrencies as payment online and in select physical locations.

• Balenciaga, a luxury fashion house owned by Kering, will start accepting bitcoin and other cryptocurrencies as payment.
• First, the flagship stores located in the United States. and Balenciaga’s website will test the new payment functionality with further rollouts planned for later dates.
• Balenciaga is the second member of the Kering Luxury Group to accept bitcoin and other cryptocurrencies as payment, after Gucci.

According to a report by Daily Women’s Clothing.

Flagship US stores on Madison Avenue in New York and Rodeo Drive in Beverly Hills will be the first stores to accept the new payment method, while the brand’s website will also begin to introduce this option. The company reportedly said that more stores and e-commerce features would be introduced at a later date.

According to the report, Balenciaga has not decided which company it will choose as its cryptocurrency payment gateway provider. The company has indicated that it will accept bitcoin and one other cryptocurrency to start with and plans to introduce other cryptocurrencies in the future.

“Balenciaga is thinking long-term about crypto, and fluctuations in currency values ​​are nothing new,” the company reportedly said in a statement, referring to the current volatility the broader cryptocurrency market is experiencing.

Balenciaga joins the growing list of luxury goods and services providers looking to accept bitcoin and other cryptocurrencies.

Earlier this month, Gucci announcement that it would start accepting bitcoin and other cryptocurrencies in a pilot series of select locations. Days after Gucci’s announcement, Swiss luxury watchmaker Tag Heuer announcement it would also start accepting bitcoin and other forms of cryptocurrency as payment through its e-commerce platform.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.