Balenciaga has announced that it is looking towards the full-scale adoption of a crypto payment option. According to the update by the fashion label, it is currently looking toward starting with top digital assets like Bitcoin and Ethereum. Balenciaga is owned by a French entity, Kering, which owns other known fashion brands like Veneta, YSL, and Gucci. It was founded by Cristobal Balenciaga before the Kering group added it to a long list of its fashion brands.
The firm lists two physical stores for crypto payments
According to the update, Balenciaga is set to accept crypto in some of its stores as the update has not been rolled out on a full scale. The statement mentioned just two locations, which are stores in Beverly Hills and Madison Avenue. Asides from allowing the payments in its physical locations, users who shop online will also be allowed to make payments using the new payment method.
However, the company has assured via its statement that it will ensure that other locations in its chain of stores support the update in the coming months. Although the update mentioned that the brand has not yet pointed out a company that will facilitate the payments, it is fixed on kickstarting the new revolution with the top two tokens in the crypto market.
Balenciaga focused on long term crypto adoption
The update also signals that thy Balenciaga is not perturbed about the recent bearish returns that the cryptos posted in the last few days. This is because the firm believes that this is the right opportunity to enter the market before assets begin to record bullish jumps. Aside from Balenciaga, Gucci has also mentioned that most of its flagship stores across the United States will also allow users to pay for goods with crypto by the end of this month. The update also mentioned that the brand also wants to ensure that other stores adopt the same measures before rolling it out into other regions.
According to the update, customers who intend to make purchases in the store would ask for a link that they would follow to effect payments for their goods. Gucci also announced that it would ensure that users can leverage more than 12 digital assets to make payments, including Bitcoin Cash and Shiba Inu. Gucci is presently trying to immerse itself into the Web3 sector with this latest update ensuring that the firm has a strong footing in the industry. According to a top executive at the company, Web3 will provide users with exciting experiences.