Good news for the democratisation of the crypto ecosystem! Balenciaga recently announced in a press release that crypto-currency payments will soon be accepted. Although the haute couture house has not yet given us all the details about this novelty, we do have some juicy details.
Indeed, the famous French luxury brand has not released any information about how it will use crypto currencies or what kind of assets it will choose. For now, Balenciaga seems to have set its sights on Bitcoin (BTC) and Ether (ETH). Thus, customers will be able to use their crypto wallets in flagship shops in Los Angeles, New York but also in online shops.
With the adoption of crypto currencies, Balenciaga aligns itself with its competitors
This announcement comes as the LVMH group recently unveiled the same type of strategy. Balenciaga thus joins the growing list of luxury brands favourable to the crypto-currency ecosystem: Off-White, Tag Heuer… Let’s recall, for example, that the house of Gucci has also announced that it would accept Ether (ETH), Dogecoin (DOGE), Shiba Inu (SHIB) and even some stablecoins. But this adoption seems to go much further for some brands. Indeed, Bernard Arnault, the CEO of LVMH, a big fan of NFTs and Web3, announced a collaboration with Prada and Cartier. This led to the appearance of Aura, a blockchain allowing transparency and traceability of LVMH products.
Following all these announcements, cryptocurrencies seem to have a bright future in the world of luxury. Nevertheless, it should not be forgotten that they are part of the commercial strategy of companies to attract young, wealthy customers who are keen on new technologies. According to Balenciaga, the use of crypto-currencies as a means of payment would be a good long-term investment for the company.
Indeed, the famous French luxury brand has not released any information about how it will use crypto currencies or what kind of assets it will choose. For now, Balenciaga seems to have set its sights on Bitcoin (BTC) and Ether (ETH). Thus, customers will be able to use their crypto wallets in flagship shops in Los Angeles, New York but also in online shops.
