The luxury fashion house Balenciaga, which is owned by Kering, will start receiving bitcoin as well as other cryptocurrencies as payment.
First, flagship stores in the United States and Balenciaga’s website will test the new payment feature, with further rollouts planned at a later date.
After Gucci, Balenciaga is the second member of the Kering Luxury Group to receive bitcoin and other cryptocurrencies as payment.
According to Women’s Wear Daily, Balenciaga, a luxury fashion house owned by the Kering Luxury Group, will begin accepting bitcoin and other cryptocurrencies as payment in store and online.
The brand’s flagship stores in the United States, located on Madison Avenue in New York and Rodeo Drive in Beverly Hills, will be the first to receive the new method of payment, while the brand’s website will also start to provide the option. According to reports, the company plans to launch more stores and e-commerce features in the future.
According to the report, Balenciaga has not decided on a cryptocurrency payment gateway provider. The company stated that it will initially accept bitcoin and other cryptocurrencies and plans to add other cryptocurrencies in the future.
Balenciaga is thinking long-term about crypto, and currency value fluctuations are nothing new, the company reportedly said in a statement, referring to the current volatility in the cryptocurrency market.
Balenciaga has joined the growing list of luxury goods and service providers that are interested in accepting bitcoin and other cryptocurrencies.
Gucci announced earlier this month that it would begin accepting bitcoin and other cryptocurrencies in a limited number of locations in a pilot program. A few days after Gucci’s announcement, Tag Heuer, the Swiss luxury watchmaker, announced that it would begin accepting bitcoin and other forms of cryptocurrency as payment through its e-commerce platform.
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