Balenciaga wants to allow payment processing in crypto

• The approval of the digital assets by the French luxury giant not only closes a gap in crypto payments, but is also aimed at a growing young population of online users
• The support for crypto payments comes at a time when the digital assets experience extreme volatility on the market

Balenciaga is the latest name in the luxury fashion industry that offers support for crypto payments. The fashion company, headquartered in Paris, announced this week that it would allow its customers to pay payments in crypto in some of its business in the United States.

Two Balenciaga shops-Rodeo Drive in Beverly Hills and Madison Avenue in New York-have been moved to implement the plan.

The acceptance of crypto payments is a long -term strategy

Although several digital coins have been added to half of their value in the past few weeks, the fashion giant seems to look at the future success of its brands in relation to the introduction of crypto. Speaking of Wallstreet Journal Cedric Charbit, CEO from Balenciaga that the recent sale of cryptocurrencies and the high volatility are nothing new.

The fashion brand confirmed that it has strategies for other sales outlets worldwide to accept payment.

It is worth noting that other popular brands such as Gucci already accept a wide range of cryptocurrencies to process payments, including Shiba Inu, Dogecoin and Litecoin.

Balenciaga wants to go in this direction to exploit the potential in the crypto sector. The luxury brand has agreed to the two leading cryptocurrencies (Bitcoin and Ethereum) and intended to add further cryptocurrencies for payment over time.

Other companies in the same industry that recently activated crypto as a form of payment are day Heuer and Philipp Plein. Last August, Philipp Patrick Plein, Pro crypto CEO of the latter, found that the crypto payment for processing will probably increase in the coming years.

The metaverse and NFTS can offer growth options for luxury brands

At the end of last year, Balenciaga founded an internal meta-verse business unit. The brand CEO demanded that the meta -verse should be regarded as an important technology room and should be treated as important.

Several wealthy brands such as Nike, Adidas and Gucci have already launched the NFT collections and meta-severse pop-ups. This sector is expected to grow and reach a market value of almost $ 56 billion in 2030.