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Several laps of luxurious brands have shown their interest in accepting payments in the form of digital currencies. These brands have taken the crypto market to the next level by embracing digital currencies. Various big brands like Balenciaga, Phillip Phein, and TAG Heuer have also initiated accepting payments in crypto.
Gucci- an Italian fashion luxury brand has also stepped into the huge world of digital currencies. The main motto behind this can be competing with the market and technological changes.
The brand has claimed to accept coins including Litecoin, Bitcoin, Ethereum, Shiba Inu, and other five stable coins. Reports reveal that the luxury house will start this payment mode from its US stores residing in cities like Los Angeles, Miami, New York, Atlanta, and Las Vegas.
A famous brand Off-white has also initiated the use of accepting cryptos in the form of payments. This method can be a strategy to attract customers.
Here are some of the key brands which have made it simpler for their customers to shop:
- Balenciaga adopting the newest payment method: With the announcement of Balenciaga accepting payments in cryptos has set a spark among the luxurious brands.
The French company is all set for permitting its noble customers to make use of digital currencies in exchange for the products sold by them. This concept will begin from the US stores on Rodeo Drive in Beverly Hills, Los Angeles, and Madison Avenue in New York.
This decision has cleared the way for its elite clients who had difficulty paying through cash or card.
Balenciaga allows its customers to buy products like clothes, bags, footwear, and other items. This fashion store is expecting to open up further by extending other digital assets.
The company has opened up to its customers by claiming that this decision is in the process of “thinking long-term”. And that the market fluctuations may not influence its decision.
- TAG Heuer: Before, the leisure watchmaker TAG Heuer set its foot into the world of crypto. This has facilitated the payment process of its high-class customers.
Moreover, the clients will have a fair buy with the exchange of cryptos for something they want. The former watchmaker is now accepting 5 stable coins besides twelve digital assets. BitPay a payment service provider, is its partner in easing this process.
The CEO of TAG Heuer, Frederic Arnault told his clients that the birth of Bitcoin has piqued his interest. This has lured him and he wanted to merge with it sooner or later. He also included that the fluctuation in trends of the coin is not his concern.
- Philipp Plein: Earlier this year, Philipp Plein adopted a new market trend. The German fashion brand is accepting payments in cryptos. This move has marked the beginning of this company into the Web3 world.
The company will be accepting payments in fifteen cryptos. This includes two of the leading coins- Bitcoin and Ether which constitute a major part of the market. Its CEO Philipp Patrick Plein is an ardent enthusiast in the field of digital currencies and is a profound holder.
Plein also disclosed that out of the $105 million of the online revenue in the year 2021, around 3% was through crypto payments. He also predicts that the year 2022 will bring him more prosperity. And the crypto payments constituting $22 million of his revenue.