In recent news, Balenciaga, the renowned luxury French brand, announced they'll offer customers the option to pay using cryptocurrencies on their online shop and in specific US retail stores. As it turns out, Balenciaga feels although the crypto marker shows a fair of volatility at the moment, this should calm down further in the long run.
The announcement from Balenciaga reads, "the fashion house is still deciding what payment solutions provider it will use, but it will accept currencies like Bitcoin and Ethereum, to begin with, and other currencies will be added in due course."
The American flagship stores include the Rodeo Drive location in Beverly Hills and Madison Avenue in New York. Eventually, the retailer plans to make crypto options a standard across all its stores and online platforms.
Balenciaga is banking on blockchain technology and some top cryptocurrency projects by following the lead of Gucci, TAG Heuer, and other premium brands. By welcoming crypto tokens such as Bitcoin, Bitcoin Cash, Ethereum, Wrapped Bitcoin, Litecoin, Shiba Inu, Dogecoin, and many other five-dollar-pegged stablecoins, the hope here is this investment will pay big dividends.
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