Balenciaga, a Paris-based luxury fashion house, has started accepting Bitcoin (BTC) and Ethereum (ETH) payments as it seeks a long-term strategy for the crypto industry. As reported by Women’s Wear Daily (WWD), the luxury fashion brand has not yet decided on the broker to use with respect to the newly integrated crypto payments services.
Per the report, the crypto payments enablement is kickstarting in the brand’s flagship stores in the United States. The company said its customers visit its location on Madison Avenue in New York and Rodeo Drive in Beverly Hills, as well as those shopping on its platform at balenciaga.com.
The company plans to make the service a broad-based one that will spread to other locations in other regions as well as support many more crypto assets.
The company is not discounting the effects of extreme volatility and while it has not confirmed whether it will be converting the assets to fiat at the point of purchase as many companies accepting Bitcoin does, it said its crypto strategy is for the long term and volatility is not a new occurrence in the space.
“Balenciaga is thinking long-term about crypto, and fluctuations in currency value are nothing new,” the company said in a statement.
Balenciaga Validates Bullish Crypto Narratives
The digital currency may be in a bear market at the moment, but this does not mean that the industry does not still brandish a very positive appeal.
The embrace of Bitcoin and crypto payments by Balenciaga is proof that the nascent asset class has not lost its appeal yet, especially amongst luxury brands. While Balenciaga trails the likes of Tag Heuer in accepting Bitcoin payments in recent times, The CoinRise reported earlier that Airbnb customers are requesting that the short-term accommodation marketplace implement crypto payments, a move that shows increasing demand across the board.
The acceptance of digital currencies is becoming a global trend as real estate companies and supermarkets are also extending support for the new assets to offer flexibilities to their clients across the board