Luxury Brands Considering Acceptance of Payments in Cryptocurrency

Foreks - Bitcoin's rising value is encouraging luxury brands to accept crypto payments. Until recently, only a handful of luxury brands, including LVMH's watch brands Hublot and Tag Heuer, as well as Kering-owned fashion brands Gucci and Balenciaga, experimented with crypto payment offerings.

In recent weeks, luxury French store Printemps announced a partnership with the world's largest crypto exchange, Binance, and French fintech company Lyzi to accept cryptocurrencies like bitcoin and ethereum in its stores in France, becoming the first European store to do so.

This move comes as Bitcoin rises and has been noticed by other brands and retailers interested in joining. David Princay, President of Binance France, noted that "quite a few calls have come in - this has generated interest," indicating that the company is also in discussions with other luxury brands. Furthermore, luxury lighter and pen manufacturer S.T. Dupont expressed to Reuters that it aims to accept crypto payments in two Paris stores before the holidays.

In the realm of experiences, cruise company Virgin Voyages has started offering its first product this month that accepts bitcoin as a payment option.