Luxury conglomerates and high-end retailers are increasingly accepting cryptocurrency payments, driven by the rising value of digital currency and a desire to attract new clientele.
Luxury conglomerates and high-end retailers are interested in making digital currency a more permanent option. Typically, these businesses are slow to change their operations, but cryptocurrency’s rapidly increasing value coupled with a desire to reach new, high-net-worth clients has driven this interest. Several luxury brands , including Hublot, TAG Heuer, Gucci, and Balenciaga, have dabbled with cryptocurrency payments in the past.
Paris’s Printemps recently became the first European department store to accept cryptocurrencies as payment in store in partnership with Binance and Lyzi. Even established cryptocurrencies like Bitcoin have been considered too volatile for reliable payment methods. However, support from the U.S. government and blockchain innovations are shifting perceptions. Luxury brands hope that accepting cryptocurrency could also be valuable from a brand strategy perspective. Many, especially those with a long heritage, are eager to find new ways to appeal to contemporary customers. Making cryptocurrency payments readily available could help established labels feel innovative. However, most crypto retail transactions are immediately converted to dollars or euros. Balenciaga recently released a leather cardholder designed specifically for Stax, the cryptocurrency wallet from Ledger
CRYPTOCURRENCY LUXURY BRANDS Retail PAYMENT FINTECH
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