Balenciaga Will Begin to Accept Cryptocurrency As a Means of Payment

Popular fashion brand Balenciaga announced that it will begin to accept cryptocurrency as a method of payment in the United States.Customers will pay for this fashion brand if they are willing to use cryptocurrency.

It is reported that the brand will launch cryptocurrency as an additional payment method at its flagship store on Madison Avenue and Beverly Hills in New York. The move will also allow customers to complete their purchases in cryptocurrency at their online stores.

Balenciaga has not confirmed which cryptocurrencies will be available to buy goods. However, it is expected that Bitcoin and Ethereum are likely to be the two choices for customers at the beginning, and more cryptocurrencies may be added next.

Cryptocurrency Payment in Bear Market

Balenciaga’s move came a few weeks after the collapse of the entire cryptocurrency market. According to binance, Bitcoin fell to an annual low of $26700.

When asked about the fluctuation of cryptocurrency market, Balenciaga commented on the move. He said: “Balenciaga’s consideration of cryptocurrency is long-term, and the fluctuation of currency value is not new.”

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Merchants’ Interest in Cryptocurrency Payment Has Increased

 

Although Balenciaga has become another big brand that accepts cryptocurrency payment, it is no secret that businesses are interested in exploring more payment methods. Recently, Gucci, a luxury brand, announced that it would try out a cryptocurrency project at the end of May 2022. Gucci plans to eventually launch a cryptocurrency pilot program to all non franchised U.S. stores.

A recent study conducted by Crypto.com verified the interest of businesses in cryptocurrency payment in recent weeks. The company’s “crypto payment report” shows that at present, only 4% of businesses accept crypto currency as a method of payment. More interestingly, however, it shows that 60% of merchants are interested in accepting cryptocurrency in 2022. The report added that 70% of consumers showed the same interest.