Fashion house Balenciaga, founded in 1919 by Spanish designer Cristobal Balenciaga, began accepting payments in cryptocurrency.
For now, the innovation will only affect retail outlets in the U.S.; specifically, the brand has already introduced cryptopayments at its flagship stores on Madison Avenue in New York and Rodeo Drive in Beverly Hills, as well as at balenciaga.com.
The organization is still in the process of choosing a payment solution provider, but it’s already known that currencies such as bitcoin and etherium are accepted for payment.
As for the volatility of cryptocurrency prices, the company said, “Balenciaga is thinking about cryptocurrency as part of a long-term strategy, and currency fluctuations are nothing new.”
This month, the watch brand, owned by LVMH Moët Hennessy Louis Vuitton, also gave its customers the option to pay in one of 12 cryptocurrencies, including bitcoin, Dogecoin and Ethereum. Payment processing is handled by the BitPay processor.