Balenciaga is the latest fashion house to announce that its flagship locations in the United States will now accept bitcoin payments.
According to a report from Women’s Wear Daily, the French fashion house will accept Bitcoin (BTC) and Ethereum (ETH) payments at certain U.S. stores, including its Madison Avenue and Rodeo Drive locations in New York, as well as its online store www.balenciaga.com.
Balenciaga is expanding its product line
Following client feedback, the company announced that it will expand the effort to additional regions in the near future.
Furthermore, while Balenciaga has begun accepting bitcoin and Ethereum payments, the company has stated that after it has chosen a cryptocurrency payment provider, it will add other digital currencies to the list.
Once Balenciaga has decided on a payment provider, such as BitPay, the list of supported cryptocurrencies could grow to include a variety of digital currencies, such as Shiba Inu (SHIB), Dogecoin (DOGE), and Cardano (ADA).
The Brand is unconcerned by cryptocurrency market volatility
Given that the whole cryptocurrency market is down by a considerable margin, with over $1 trillion wiped off the market in the last two weeks, the development does not appear to be made at the ideal time.
Concerns about cryptocurrencies’ huge volatility have been highlighted in recent weeks, as investors continue to tread carefully to limit their losses.
Balenciaga, however, seems unconcerned about the volatile nature of cryptocurrencies, stating that it is “thinking long-term about crypto” and that “fluctuations in currency value are nothing new.”
Related Posts – The Indian Finance Minister hails blockchain technology
