Luxury watchmaker, Tag Heuer, starts accepting crypto payment

crypto payments

May 20, 2022

Reading Time: 2 minutes

The Swiss watchmaker, Tag Heuer, has announced the rollout on its United States website concerning cryptocurrency payments for all online purchases.

On the 19th of May, during a press conference, the company noted that the new payment option is in partnership with Bitpay and will incorporate 12 digital currencies. It will include Bitcoin, Ethereum, Dogecoin, and five dollar-pegged stablecoins.

Under the pilot project, the U.S. customers will not have a minimum amount to spend, but the maximum has been capped at $10,000 per transaction. The company stressed that the new payment option was promoted by the number of customers using digital assets.

Tag Heuer Web3 plans

The company has revealed that crypto payments are the first step of its venture into Web3 and the general incorporation of blockchain technology and NFTs.

Frédéric Arnault, the CEO of Tag Heuer, said that as a luxury brand, they have to ensure that their entrance into web3 will meet their excellence standards. He also acknowledged their nimble teams in-house since, through BitPay’s support, they can now dive into the digital financial world in the best way possible.

Apart from Tag Heuer, other watchmakers have increased their venture into the crypto industry in the recent past. For instance, Breitling began issuing NFTs and physical watch sales, while watch brand Jacob & Co is also accepting cryptocurrency payments.

Tag Heuer has also joined other luxury fashion brands in incorporating blockchain in their dealings. Feingold reported that French fashion magazine L’OFFICIEL announced plans to launch some of its collections in the metaverse.

This initiative will see the magazine introduce a virtual gaming land identified as The Sandbox under a project dubbed by Fashion Skin. Elsewhere, Prada has also released its NFT after partnering with Adidas. This collection was a crowd-sourced digital artwork in a Beeple- style collage.

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