Luxury brand Balenciaga is the latest member of the crypto club. The fashion company's CEO Cedric Charbit announced that starting June, some Balenciaga stores in the US would start accepting Bitcoin (BTC) and Ether (ETH) payments.
Initially, the fashion house's establishments on Madison Avenue in New York and Rodeo Drive in Beverly Hills will accept cryptocurrency payments.
Balenciaga's creative director, Demna Gvasalia, said on Instagram that the brand would also accept cryptocurrencies for website transactions.
The French luxury fashion brand also announced the debut of the "Cristóbal Balenciaga: To the Moon" NFT collection on the Crypto.com NFT market. The NFT collection was dedicated to the memory of Cristobal Balenciaga, who was the firm's founder and who started the company back in 1919, which was later bought over by French luxury major Kering.
Balenciaga, in December last year, had also announced a metaverse business unit.
The Paris-headquartered fashion house isn't the only luxury brand to accept crypto payments. Recently, TAG Heuer, Gucci, Off White, and many others had also announced that they would be accepting crypto payments.
Experts believe that widespread adoption of crypto by luxury brands is could have a domino effect, leading to crypto adoption among other sectors as well.
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