Philipp Plein first fashion company to accept payment in 15 different cryptocurrencies
At the start of the year, the value of bitcoin surpassed the £41,180 mark.
Now, as digital tokens continue to surge as consumers move away from cash and more businesses across the world begin to accept cryptocurrency, retailers have begun to adapt accordingly.
Philipp Plein became the world’s first fashion company to accept payment in 15 different cryptocurrencies.
A cryptocurrency is a type of currency such as the pound sterling but it is digital. Cryptocurrencies use “decentralised control”, which means that they aren’t controlled by one person, government or central bank.
Meanwhile, blockchain is the technology that enables the existence of cryptocurrency.
Bitcoin is the name of the best-known cryptocurrency, the one for which blockchain technology was invented.
Luxury watchmaker Hublot is also accepting crypto payments, while luxury retail conglomerate LVMH is trying blockchain-based authentication.
Leading fashion houses and retailers like Burberry, Givenchy and Dolce &Gabbana are all dabbling in NFTs – another form of cryptocurrency.
Digital assess and digital currency are the future, especially for Gen-Z consumers who are being bought up around a wide range of e-products.
Plein is a top-priced luxury brand so, in part, accepting payment in crypto may be playing to the transactional preferences of his high-net-worth customers.
“Crypto transactions between digital wallets makes e-commerce easy, whilst reducing transaction costs for both parties from card payment facilitators.
At high street level it will happen too, though the pace might be slower.
