Balenciaga announces Bitcoin as new payment method

US flagship stores located at Madison Avenue in New York and Rodeo Drive in Beverly Hills will be the first stores to accept the new form of payment while the brand’s website will also begin introducing the option. The company reportedly stated that more stores and ecommerce functionalities will be introduced at a later date.

Balenciaga is the second member of the Kering Luxury Group to accept bitcoin and other cryptocurrencies as payment, following Gucci.

According to Nasdaq, Balenciaga has not decided what company it will choose as its cryptocurrency payment gateway provider. The fashion brand noted that it will accept Bitcoin and another undisclosed cryptocurrency to start, and plans to introduce other cryptocurrencies in the future.

Balenciaga joins Gucci and Swiss luxury watchmaker Tag Heuer to accept Bitcoin and other forms of cryptocurrency as payment through their ecommerce platform.

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