Balenciaga is going after Gucci. The brand revealed that it now accepts payment in cryptocurrency. They are starting this in the US, and will then roll out this option to other countries.
“Other regions will follow”
Balenciaga will initially only accept crypto in its flagship stores, including on Madison Avenue in New York and Rodeo Drive in Beverly Hills. In addition, you may already be able to pay with crypto in the US on the website: balenciaga.com. Other regions and e-commerce will follow, the company said, according to WWD.
The fashion house is going after Tag Heuer and Gucci, who recently also started accepting crypto for their products. The latter brand will also first start a pilot in the US, before focusing on other countries.
The fashion house is still deciding which payment solution provider it will use, according to WWD, but bitcoin and ethereum are almost certain. This will probably be 12, of which five are stablecoins, as this is also the case with Tag Heurer and Gucci. If they copy the whole picture of the watch brand, BitPay will be able to offer a payment solution.
Is it already possible?
Of course, we were very curious whether Balenciaga had already secretly started accepting cryptocurrencies. That’s why we took a look at balenciaga.com, but unfortunately to find out that this feature is not yet available.
At the moment only credit card, PayPal and Klarna are shown as payment options. This may be possible in the US. There are also the flagship stores that accept crypto.
It is currently a matter of patience until all of Balenciaga accepts crypto. So the application is very likely already live in the US, and like Gucci and Tag Heuer, it will be Europe’s turn later.