myGemma Becomes the First Online Luxury Resale Platform to Accept Bitcoin and Ethereum as Payments

April 12, 2022

Reading Time: 2 minutes

No doubt, crypto is still in its infancy, so it is quite reasonable to be criticized, and right now, more companies are getting to see the beauty of digital currencies. 

The New York city ‘myGemma’ has refused to be left behind in the digital world, in fact, this time, they are setting a record, and hopefully, other similar platforms follow their footsteps. As a crypto trader, you wouldn’t want to do without classy wears, either long or short, you are cashing out steadily! Therefore, the online luxury resale platform has decided to appeal to crypto enthusiast demand, and now, the platform is set to accept Bitcoin and Ethereum as payments for its products.

myGemma is an online resale platform for authenticated products, myGemma hosts a wide variety of luxury jewelry, watches, bags and authentic sneakers, from classics like the Birkin bag to coveted limited edition collections such as Louis Vuitton x Takashi Murakami.

According to their announcement today, the move was as a result of the company’s quest to expand its client base, especially the cryptocurrency users who have been on their toes to expand their means of spending their digital currencies.

The CEO of myGemma, Andrew Brown, in a statement stated that the luxury resale platform’s mission is deeply rooted in sustainability, with the company’s focus on keeping products out of landfills and giving them an extended life.

“So naturally we continue to listen to our customers and adopt new movements ahead of the curve. Crypto users are among the many constituents of luxury consumers. We want to cater to this growing consumer base as cryptocurrency becomes more mainstream,” he added.

Growing Demands for Luxury Brands to Accept Crypto Payments

Recently, several luxury brands have been under pressure by crypto enthusiasts to accept digital currencies as payments, this is because, asset class is becoming more popular as time passes, and with the popularity of digital currencies especially among the younger generation, firms that have not joined the train to accept digital currencies are beginning to lose patronage to their competitors who are swift in their response to accept digital currencies.

Some top luxury brands like Hublot have been proactive, Hublot has for a while now added Bitcoin and Ethereum to their payment methods, thereby, giving their customers a wide range of alternatives when it comes to payments.

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