In an attempt to target the younger generation who are interested in asset class, and also consider fashion as an investment opportunity. The major Italian fashion brand, Off-White, as announced that it will now accept Bitcoin (BTC), Ethereum (ETH), Binance coin (BNB), Ripple (XRP), as well as stable coins USDT and USD as payment means with no limit.
According to Voguebusiness, Off-White customers can now make their payments to the company using cryptocurrencies announced by the company in their stores in Milan, Paris and London.
“This is another important step in the growth of the brand, that looks towards the future including Web 3.0 technologies, understanding the needs and desires of its ever evolving customer base,” a noted statement from the brand.
For quite a while, the crypto community has been witnessing a massive adoption in many business, especially in fashion industry, February this year, the Luxury Watch brand launched a crypto payment method for their patronage who are willing to pay using crypto, Philip Plein, the Italian luxury streetwear brand (early crypto adopter) launched their cryptocurrency last year, in fact, Plein says it complete at least one transaction per minute in crypto and hitherto, it has amassed about 150 Bitcoin in revenue.
Could there be risks associated with this?
For many crypto holders, trading using crypto for wears could come at a risk, profits to be made re-selling these products may not be as much as crypto returns when there is bullish in the crypto market, however, with the volatility of cryptocurrency, some investors would rather invest in fashion instead of crypto.
Trading crypto for wears could be dangerous if exchange rate is not properly managed, for instance, if a brand prices a product at a certain amount using a particular crypto coin and the value tanks, it could expose the losses.
However, to prevent this, Off-White has come up with a LUNU POS terminal, which finds the best fiat currency to crypto exchange at the time of the transaction with compatibility with multiple crypto wallets that can scan a revealed QR code for payment settlement, any refund needed for products purchased using cryptocurrency will be issued through store credit in local currency, says Off-White.
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