Swiss luxury wristwatch maker Hublot is now accepting the cryptocurrency Bitcoin as a payment option, starting with a 200-piece limited-edition run of the Big Bang Unico collection.
The luxury brand and BitPay, a crypto infrastructure provider, have collaborated to accept cryptocurrency payments for their luxury products.
Despite the negative sentiments in the crypto markets, many luxury brands are embracing cryptocurrencies, especially Bitcoin as a viable payment option.
Gucci, Farfetch, and Balenciaga, three luxury fashion giants, have all previously confirmed either limited testing of or full acceptance of Bitcoin as payment.
In a similar vein, the Continental Diamond jewellery store and luxury jewellery reseller SFLMaven both declared they will start accepting payments in Bitcoin.
Similarly, Hublot isn't the only high-end Swiss watchmaker accepting payments in Bitcoin. On May 19, Tag Heuer announced that it would start accepting various cryptocurrencies on its online store.
As consumers amass greater wealth through the trade and acquisition of cryptocurrencies and other virtual digital assets, companies are trying to give them an option to use those cryptos to buy tangible items in the real world.
Luxury brands like Hubolt, Gucci, Tag Heuer, Balenciaga, and others are accepting crypto payments to appeal to new customer. Intermediaries like BitPay, which is a cryptocurrency infrastructure provider, help such companies to engage with the crypto ecosystem without the need for any technical knowledge of the sector.
Swiss luxury watchmaker Hubolt was founded in 1980 by Italian Carlo Crocco. The company is completely owned by the French luxury corporation LVMH.
The luxury goods conglomerate LVMH announced in April 2008 that it had acquired Hublot from its founder Carlo Crocco for an unknown sum, adding it to its portfolio of watch brands, which already included TAG Heuer.
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