Luxury brands are considering accepting crypto payments, report suggests
As Bitcoin reaches new heights and becomes more popular, luxury brands are considering accepting crypto as payments, according to Reuters.
Its increased value has caught the attention of major high-end fashion brands and houses which could bring further opportunities for those invested in the crypto space.
The 159-year-old French luxury fashion department store Printemps recently announced it was partnering with Binance Pay and fintech Lyzi to accept cryptocurrency payments.
In a press release, the company states the initiative “represents a key step in Printemps’ commitment to offering ever more adapted and innovative services, meeting the expectations of a connected and forward-looking clientele.”
Interest has been generated as luxury brands eye up cryptoIt’s now thought that other major brands could follow suit, with Reuters reporting that David Princay, president of Binance France, said the company is in talks with other luxury labels and said: “There have been quite a few calls – it’s generated interest.”
The publisher also spoke with luxury lighter and pen maker S.T. Dupont which said it aims to accept cryptocurrency payments within two Paris stores before the holidays.
Some brands have experimented with digital currency payment offers including Hublot, Tag Heuer, Gucci, LVMH, and Balenciaga.
Other companies, outside of the fashion industry, have also begun accepting the new payment option too. The cruise line Virgin Voyages has just begun selling a $120,000 annual pass for up to a year of sailing on its trips and this can be paid for with Bitcoin.
The digital currency has soared in previous weeks, with it hitting a new record on Monday morning (December 16) as it reached above $106,000. It was on December 5 when Bitcoin hit $104,000.
Regulators have long shared warnings that cryptocurrency is high-risk, with limited uses in the real world. While the risk remains, the incoming President Donald Trump has been a firm supporter of the industry.
He referred to digital currencies many times throughout his campaign and his new selections include some pro-crypto people. He told CNBC: “We’re gonna do something great with crypto because we don’t want China, or anybody else…but others are embracing it, and we want to be ahead.”
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