Discussions of cryptocurrency and its disruption to the stock exchange have recently been the talk of the town amongst tech aficionados. Balenciaga's most recent show at the New York Stock Exchange might have signaled the brand's continued interest in the crypto craze. With that said, the highly sought-after fashion brand is now officially accepting payments in cryptocurrency.
Starting in the U.S., Balenciaga will be accepting crypto payments at its flagship stores including on Rodeo Drive in Beverly Hills and on Madison Avenue in New York and online at Balenciaga. The company hopes to expand to other regions and e-commerce sites soon so that their consumers will see a seamless integration of the crypto to the brand. While Balenciaga has not yet announced which payment solutions provider it will use, it is likely that it will accept major cryptocurrencies like Bitcoin and Ethereum. The brand follows other Kering-owned brands like Gucci, which recently announced that they would be accepting 10 cryptocurrencies later this year.
In a statement regarding Balenciaga's move towards crypto, the company said, "Balenciaga is thinking long-term about crypto, and fluctuations in currency value are nothing new." As more and more brands accept the use of crypto, some may argue that it makes a part of the fashion industry more accessible, while some believe it makes luxury more exclusive. However, one thing for certain is that the move into crypto amongst fashion brands will become more common as time goes on.
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