Balenciaga to Accept Payment in Bitcoin and Ethereum

    The French luxury brand is developing a long-term plan in the field of metaverse.

    According to The Wall Street Journal, starting next month, Balenciaga will include Bitcoin and Ethereum in its payment options in some flagship stores and online shopping. 

    Initially, the giant fashion will only allow paying in Bitcoin and Ethereum, the two largest cryptos in the market. But, there will be more crypto payment options in the future. 

    Luxury brands are no stranger to Web3. Since last year, there have been a lot of prominent names that set up feet in the field. 

    Gucci is one of those. This brand has piloted online payments in Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Wrapped Bitcoin (WBTC), Litecoin (LTC), Dogecoin (DOGE), Shuba Inu (SHIB) và 5 other stablecoins in many stores. 

    Last December, Balenciaga announced the creation of an internal metaverse business unit. Currently, there hasn’t been much info revealed. The fashion company’s CEO, Cédric Charbit, said he sees the metaverse as a country. And this market is just as important as any ‘real’ country the company currently operates in. 

    This move shows how important cryptos are in the future development of Balenciaga, even when the market is volatile after the historic collapse of LUNA-UST. The needed amount of Bitcoin to buy a Balenciaga hoodie once worth $1,250 last November would cost just under $563 today.

    When added about the recent market crash and its effect on Balenciaga’s position, Charbit said his company’s strategy was made for the long term and they will be ready to confront any market challenge. 

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