What’s stored in the pipeline?
Balenciaga will begin accepting Bitcoin and Ethereum as cryptocurrency payments, though the official payment solution provider has yet to be determined.
It also stated that the US flagship stores on Madison Avenue in New York and Rodeo Drive in Beverly Hills would be the first to accept this new payment type. The company's website will also accept cryptocurrency payments.
It also stated that it hopes to add more stores and e-commerce functionality in the future. It will also accept other cryptocurrencies as payment at a later date, giving its customers more choices at the checkout.
Other companies embracing cryptocurrency
Balenciaga is the Kering Luxury Group's second luxury fashion house to jump on the cryptocurrency bandwagon.
Gucci announced that beginning in May 2022, it will start acknowledging 10 cryptocurrencies in major US stores.
Earlier in May 2022, the Mot Hennessy Louis Vuitton-owned Tag Heuer announced that its customers would be able to make payments with 12 cryptocurrencies through a BitPay payment solution.
If this makes the brands more widely available or evasive, one thing is certain: in the coming days, all fashion brands will most likely accept crypto payments.