How Balenciaga is boosting adoption of Bitcoin & cryptos

Key Takeaways:

  • Balenciaga now accepts Bitcoin and Ether as payment options.
  • Cristóbal Balenciaga is launching NFT collection.
Balenciaga is boosting adoption of Bitcoin & cryptos
Beginning in June, Balenciaga will start accepting Bitcoin and Ethereum as payment options.

LAGOS (CoinChapter.com) — Leading French fashion brand, Balenciaga, became the latest global conglomerate to adopt Bitcoin and other cryptos. Notably, the fashion behemoth announced its decision to start accepting Bitcoin and Ethereum as payment options for its products.

According to reports, Balenciaga will start accepting the two largest cryptos by market capitalization, beginning next month. In other words, Balenciaga customers in the U.S. can now buy clothes, shoes, and other products with Bitcoin and Ether.

Additionally, the fashion brand disclosed that the crypto offering will initially be available to customers in the U.S. However, it is working on extending the offer to other regions and adding more digital assets in the nearest future.

Balenciaga noted that it adopted the two leading digital assets due to users’ demand and expansion activities. The fashion behemoth noted that it is embracing digital currency with a long-term view and temporary fluctuations is “nothing new.”

More Fashion Brands Adopting Bitcoin, Cryptocurrencies

Interestingly, numerous fashion companies have also been embracing digital assets. Recently, Swiss luxury watchmaker Tag Heuer announced its decision to sell its high-end watches in exchange for 12 different cryptocurrencies.

Notably, the assets include Bitcoin, Ether, Dogecoin, Bitcoin Cash, Litecoin, and Shiba Inu,  among others. Just like Balenciaga, Frédéric Arnault, Tag Heuer’s CEO noted that the company was adopting digital assets for the long haul.

Similarly, Gucci recently announced that it would begin permitting crypto payments online and at five in-store locations. The fashion brand currently accepts cryptocurrencies including Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Dogecoin, and Shiba Inu as payment.

Recall that Philipp Plein also enabled 15 cryptocurrencies as a payment method to purchase its products. Philipp Patrick Plein, CEO of the fashion brand noted that adoption will boost the expansion of the brand. He said:

“I am a crypto investor, and I believe in the future of crypto – this is why I decided to offer this payment method in my stores and online…together, we are making HISTORY.”

Additionally, Nike, Hipster’s Paradise, Aeropostale, H&M, Calvin Klein, and American Eagle, among others are fashion brands that have adopted crypto payments.

Cristobal Balenciaga To Roll Out NFT Collection

Furthermore, it is important to note that the leading fashion brand recently launched a nonfungible token (NFT) collection. Cristóbal Balenciaga, the founder of the fashion brand will oversee the new initiative.

The Balenciaga collectible is named ‘To the Moon’ NFT collection and is set to launch on Crypto.com NFT platform. It is inspired by Lorenzo Riva’s collection of over 8,000 drawings created by Cristóbal Balenciaga during the couture movement.

Balenciaga’s NFT launch comes after other top fashion brands ventured into the NFT space. Furthermore, experts have noted that the widespread adoption of crypto by luxury brands could have a positive effect on the industry, leading to crypto adoption among other sectors as well.

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