Balenciaga, a new luxury brand that accepts payment in cryptocurrencies. An initiative to further engage Generation Z.
Luxury brands are often at the forefront of technology for a variety of reasons, but often with the goal of reaching ever-larger audiences. Today, the Balenciaga brand announces that starting next month, it will accept payments in cryptocurrencies, namely Bitcoin (BTC) and Ethereum (ETH), in US stores and on its online store.
Balenciaga, a new luxury brand, will accept payments in cryptocurrencies
If this information sounds familiar to you, it’s because another brand recently made the same announcement, Gucci. At the moment, the brand has not revealed the platform that will be responsible for managing transactions and exchange rates. While this decision may come as a surprise since it was made right after the digital asset market crash — when Bitcoin was worth just $26,700 — Balenciaga is keenly aware of market volatility but sees the long term: currencies are nothing new.”
By opening crypto payments at select stores, Balenciaga has been adding further digital innovations in recent months following the opening of a team dedicated to the metaverse or the remarkable arrival of the hugely popular game Fortnite. In doing so, it follows the web3 concept of its parent company, Kering, which owns… Gucci, of course.
Gen Z Engagement Initiative
With the introduction of these new technologies, the brand is targeting the tech-addicted Generation Z and ultimately responding only to a very clear trend: the need for consumers to be able to pay with cryptocurrencies and the need for merchants to be able to accept them.
In the luxury brand market, this trend is even more pronounced. Watch brand TAG Heuer already allows its US customers to pay with cryptocurrencies via BitPay, which allows you to accept at least 12 coins, including Bitcoin (buy bitcoin), Bitcoin Cash (BCH), Dogecoin (buy dogecoin), Ethereum (ETH), Litecoin (LTC), Shiba Inu (SHIB), as well as dollar-backed stablecoins. Watch reselling platform Watches World and ready-to-wear brand Philipp Plein also accept payment in cryptocurrencies.