Tag Heuer’s management announced that customers will be able to pay for the goods with digital assets such as BTC, ETH, SHIB, DOGE, BCH, LTC, DAI, WBTC, XRP, GUSD, USDP, BUSD and USDC.
The Swiss luxury watch manufacturer announced on Twitter that the cryptocurrency and stabelcoin payment function is only available to US citizens for now.
The option came about thanks to a partnership with cryptocurrency payment operator BitPay. Tag Heuer said the move is due to the growing user demand for cryptocurrencies. No minimum purchase limit has been set, the upper limit will be $10,000 per transaction.
The luxury manufacturer Tag Heuer is interested in becoming a member of the Web3 space. The company has already begun to develop its own collection of non-exchangeable tokens (NFT) and has begun to explore the possibility of using blockchain technology to increase the transparency of business processes.
“As a luxury brand, we need to make sure that the entry to the Web3 market will meet our quality standards. With the support of BitPay, we can dive into this new world of finance,” proclaimed Tag Heuer CEO Frederic Arnault.
In 2020, another Swiss watchmaker, Breitling, began using blockchain to combat the proliferation of counterfeits.
Many well-known brands in the fashion and accessory industry began issuing collectible tokens similar to the physical counterparts of their products. Earlier this year, French fashion magazine L’Officiel announced that it was preparing to unveil a virtual clothing collection consisting of 100,000 exclusive images processed using artificial intelligence in The Sandbox meta-universe.
French fashion house Louis Vuitton has also been in the NFT craze, unveiling a collection of unique tokens that celebrate the brand’s history.