Balenciaga is a big name in the fashion industry. As the scope of crypto and blockchain continues to increase in the fashion space, Balenciaga has also joined the bandwagon. Recently, Balenciaga has resorted to the use of cryptocurrency as means of accepting payment in its flagship stores. Even though the crypto market is plagued with a bearish trend, this development indicates that the fashion giant has had a prior interest in the concept.
Considering the spike and the change in perception related to cryptocurrencies, this move was ultimately inevitable. The shifts in trend, as well as the ease of consumers, were among the few factors that drove Balenciaga to make such a decision. Moreover, the brand has earned a credible reputation among consumers through its services. So it is looking to scale its operations.
Balenciaga Eyes Long Term Goals Through its Crypto Move
The brand will now be accepting cryptocurrencies in their flagship outlets as well as on their website, Balenciaga.com. Additionally, the company stated that it is working on offering such options in other regions too. It is just a matter of time now.
Balenciaga is still unsure over what payment solutions provider it should use. But it is evident that this bottleneck will be cleared off anytime soon. As of now, Balenciaga states it would accept Bitcoin as well as Ethereum as a start. The top two cryptocurrencies are usually the most preferred options for brands that are starting to accept crypto.
Nonetheless, there is a high possibility that other cryptocurrencies will be included later on. The number of cryptocurrencies is increasing rapidly. However, in no way would someone be bound to make payments sticking to one cryptocurrency. The fluctuations in the value and the market volatility might be alarming. Despite that, Balenciaga stated it plans to rely long-term on crypto, and how fluctuations in value are not new tricks in the book.
Apart from this, Balenciaga is not the only top-tier brand that has decided to accept cryptocurrencies lately. Tag Heuer has managed to pull off a similar move as well. Earlier this month, the brand stated that it was now possible for customers to purchase and pay for their products through up to 12 cryptocurrencies, including Bitcoin, Ethereum, and Dogecoin. The brand used the solutions offered by BitPay to offer these services.
Balenciaga’s move is aimed at offering more feasibility and accessibility to its consumers. Therefore, it is yet to be seen how this development settles among the consumers and customers of the brand. This might mark the beginning of a new crypto-friendly era for the popular fashion brand.