Balenciaga Takes Crypto, the Rich’s Charities
Balenciaga will accept cryptocurrency in the U.S.
CRYPTO CRAZE: Was it because its show was at the New York Stock Exchange, or just customers wanting to pay with it? Regardless of the reason, Balenciaga revealed that it now is accepting payment in cryptocurrency. Given the plunge in their value over the last 10 days, one could argue the timing wasn’t ideal, but starting with the U.S., the brand will now accept crypto at its flagship stores, including on Madison Avenue in New York and Rodeo Drive in Beverly Hills, as well as on balenciaga.com. Other regions and e-commerce will follow, the company said.
The fashion house is still deciding what payment solutions provider it will use, but it will accept currencies like Bitcoin and Ethereum to begin with and other currencies will be added in due course.
As for the volatile fluctuations in value and whether that is cause for concern, the company said in a statement that, “Balenciaga is thinking long-term about crypto, and fluctuations in currency value are nothing new.”
The Kering-owned brand joins Tag Heuer in accepting crypto. The LVMH Moët Hennessy Louis Vuitton-owned watch brand earlier this month said its customers would be able to pay at checkout in one of 12 cryptocurrencies, including Bitcoin, Dogecoin and Ethereum through a solution provided by BitPay.