You can now purchase your fashion goods from Balenciaga using Bitcoin and Ethereum.
Balenciaga has become the latest fashion brand to announce it has started accepting cryptocurrency payments across its flagship stores in the United States.
According to a Women’s Wear Daily report, the French fashion brand will be accepting Bitcoin (BTC) and Ethereum (ETH) payments in selected U.S. stores, including its branches at Madison Avenue New York, and Rodeo Drive in Beverly Hills, as well as its online store www.balenciaga.com.
Balenciaga to Expand the Offering
The company disclosed that it will include its stores in other regions in the near future following customers’ reactions to the initiative.
Furthermore, while Balenciaga has started accepting bitcoin and Ethereum payments, the company noted that it will add other digital currencies to the list once it selects a cryptocurrency payment provider.
Once Balenciaga chooses a payment provider like BitPay, the list of supported cryptocurrencies may expand to include many digital currencies, including Shiba Inu (SHIB), Dogecoin (DOGE), and Cardano (ADA).
Balenciaga Unbothered About Crypto Volatility
The development does not seem to be made at the perfect time, given that the total cryptocurrency market is down by a large margin, with over $1 trillion wiped off from the market in the last two weeks.
Concerns about massive volatility associated with cryptocurrencies have been raised in the past few weeks, as investors continue to thread carefully to mitigate their losses.
Interestingly, Balenciaga is unbothered about the volatile nature of cryptocurrencies, as the popular fashion brand disclosed that it is “thinking long-term about crypto,” adding that “fluctuations in currency value are nothing new.”
Fashion Brands Accept Cryptocurrency Payments
The development comes as many fashion brands continue to enter the cryptocurrency sector.
As reported by TheCryptoBasic, fashion brands like Gucci and TAG Heuer, among others, have delved into the cryptocurrency industry, as the demand for the nascent asset class surges over the years.
While most brands accept over five cryptocurrency assets as payment options, Balenciaga said it will begin its crypto journey with the market’s two largest cryptocurrencies.
However, it is expected that the list of cryptocurrencies that Balenciaga will accept will increase above five when it eventually selects a payment provider like BitPay.
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Source: https://thecryptobasic.com/2022/05/23/french-fashion-house-balenciaga-now-accepts-bitcoin-and-ethereum-payments-in-the-united-states/?utm_source=rss&utm_medium=rss&utm_campaign=french-fashion-house-balenciaga-now-accepts-bitcoin-and-ethereum-payments-in-the-united-states