Balenciaga, a luxury fashion house belonging to the Kering Luxury Group, will begin accepting bitcoin and other cryptocurrencies as payment in store and online, according to a report from Women’s Wear Daily.
U.S. 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 e-commerce functionalities will be introduced at a later date.
According to the report, Balenciaga has not decided what company it will choose as its cryptocurrency payment gateway provider. The firm noted that it will accept bitcoin and another cryptocurrency to begin with and plans to introduce other cryptocurrencies in the future.
“Balenciaga is thinking long-term about crypto, and fluctuations in currency value are nothing new,” the company reportedly said in a statement, referring to the current volatility being experienced by the broader cryptocurrency market.
Balenciaga joins the growing list of luxury goods and service providers looking to accept bitcoin and other cryptocurrencies.
Earlier this month, Gucci announced that it would begin accepting bitcoin and other cryptocurrencies in a pilot run of select locations. A few days after Gucci’s announcement, the Swiss luxury watchmaker Tag Heuer announced it would also begin accepting bitcoin and other forms of cryptocurrency as payment through its e-commerce platform.