Balenciaga will accept crypto payments
French luxury fashion brand Balenciaga announced it will start accepting cryptocurrency as a form of payment.
Spanish designer Cristóbal Balenciaga (1895-1972) established the fashion House in 1917 in San Sebastian. Luxury group Kering bought the House in 1986, transferring its headquarters to Paris.
Georgian designer Demna Gvasalia is the current creative director of the brand. He is known for innovative ideas and has brought the world grungy and sometimes ugly designs. TIME recently named Demna one of the 100 most influential people in the world.
Web3 news followed Balenciaga’s Resort 2023 fashion show, which took place at the New York Stock Exchange.
Balenciaga will start by accepting Ethereum and Bitcoin. Other cryptocurrencies will come in the near future. For instance, Kering’s brand Gucci already accepts Ethereum, Bitcoin, Bitcoin Cash, Litecoin, Dogecoin, and Shiba Inu.
Individuals can pay in crypto online and at selected U.S. locations, among which are the stores on Rodeo Drive in Beverly Hills and on Madison Avenue in New York. The company aims to expand to other regions and on other e-commerce websites.
Balenciaga is not new to Web3. In September 2021 the brand created a “Fortnite” Metaverse collection in partnership with Epic Games.
The company isn’t worried about crypto winter.
“Balenciaga is thinking long-term about crypto, and fluctuations in currency value are nothing new”, said a company representative.
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