Balenciaga, a French fashion brand, has announced that it has started accepting the use of digital assets. You can now buy fashion goods from Balenciaga using Bitcoin and Ethereum in U.S stores.
According to a Women’s wear Daily Report, this brand will accept cryptocurrency in its branches on Madison Avenue, New York, Rodeo Drive in Beverly Hills, and its online store www.balenciaga.com.
Balenciaga plans on Expanding digitalism
The company has revealed that it will include its other regions soon, following the customer’s reactions to its step. Balenciaga has also 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).
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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.
Despite this, Balenciaga is unbothered about crypto’s volatility. The famous fashion brand disclosed that it is thinking long-term about crypto adding since the fluctuations in currency value are not new.
Fashion Brands Accept Cryptocurrency Payments
The development has come when many fashion brands continue to enter the cryptocurrency sector. Fashion brands like Gucci and TAG Heuer, among others, have dived into digitalism as the demand for the nascent asset class surges over the years.
Most fashion brands accept about five digital assets for payment options; Balenciaga said it would start its crypto journey with the market’s two most significant cryptocurrencies.
The list of cryptocurrencies that Balenciaga will accept is expected to go up when it eventually selects a payment provider.
