French Luxury Fashion Label Balenciaga Lists BTC, ETH as Payment Alternatives to Fiat, Cards

The brand founded in 1919, is essentially expanding its payment options to cater to customers from all ages and sectors.

By Radhika Parashar | Updated: 24 May 2022 13:55 IST

French Luxury Fashion Label Balenciaga Lists BTC, ETH as Payment Alternatives to Fiat, Cards

Photo Credit: Facebook/ Balenciaga

Balenciaga, which is a brand 103 years in age, will add more cryptos as payment options

Highlights

Gucci and Tag Heuer have also opened crypto payments
BTC and ETH emerge as popular choices for labels adopting crypto
Balenciaga has spoken in favour of cryptocurrencies

The adoption of cryptocurrencies against mainstream payment options is garnering pace among fashion and lifestyle labels. Now, French high-end fashion brand Balenciaga has added cryptocurrencies to its list of acceptable payment methods. Customers will be able to purchase high end apparel from the French label via Bitcoin and Ether, the top two cryptocurrencies on the digital assets pyramid. The brand founded in 1919, is essentially expanding its payment options to cater to customers from all ages and sectors.

The crypto payment facility for Balenciaga will go live in June. Flagship stores of the fashion brand in the US will start enabling customers to purchase goods via crypto payments.

While the 103-year-old brand is kicking off crypto payments with BTC and ETH, it will be addling more altcoins as payment options in the days to come.

Bitcoin in Week 9 of Crypto Winter, But Can't Shake the Chills: Report

“Balenciaga is thinking long-term about crypto, and fluctuations in currency value are nothing new,” a report by Women's Wear Daily quoted a Balenciaga spokesperson as saying.

The news has created quite the ripples on social media.

I dont even own any @BALENCIAGA item but these luxury establishments starting to accept crypto payments - is something. @TAGHeuer accepting Doge payments, @gucci … yeah i know nothing like you.
— Marley Black (@MarleyBlackJr) May 24, 2022

Balenciaga is now accepting crypto payments https://t.co/kDPXhMnA5m pic.twitter.com/uS8R3Wfn0L
— Rico Andriawan (@RicoAnd_) May 23, 2022

As blockchain = solution to counterfeits and supply chain transparency, we've seen an increase in luxury brands accepting crypto payments such as...
- Gucci
- Off-White
- Balenciaga
- TAG Heuer
- Philipp Plein
- Hublot
Every industry can benefit from adopting blockchain tech...
— nft4noobs (@nft4noobs) May 24, 2022

Earlier this week, Swiss luxury watchmaker Tag Heuer decided to sell its high-end watches in exchange for Bitcoin, Ether, Dogecoin, and nine other cryptocurrencies.

Luxury fashion house Gucci has also started accepting crypto payments in US stores.

In August 2021, Philipp Plein opened crypto payments in 15 cryptocurrencies. The men's fashion line had become one of the first high-end labels in the fashion world to have embraced cryptocurrencies as a mode of payment.

Not Your Keys, Not Your Coins

Nike, Hipster's Paradise, Aeropostale, H&M, Calvin Klein, American Eagle, and Etsy are more brands in the luxury lifestyle sector that accept crypto payments.

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Further reading: Cryptocurrency, Balenciaga, Crypto Paymemts, Tag Heuer, Gucci

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More