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Luxury brand Off-White accepts crypto payments in flagship stores
Luxury brand Off-White has started accepting Bitcoin and Ether, among other things, in its flagship stores Berlin-based payment provider Lunu will facilitate digital payments and help the fashion brand offset volatile prices Luxury fashion brand Off-White has started accepting cryptocurrency payments in its flagship stores in Paris, Milan and London. Vogue business reported Thursday. Off-White, which generates an estimated $7 billion in revenue, said last year that it now takes Bitcoin, Ether, Binance coinXRP, Tether and Circles USDC in exchange for clothing and apparel. The major cult brand founded by the late Virgil Obloh joins a ranks of crypto users...
Luxury brand Off-White accepts crypto payments in flagship stores
- Die Luxusmarke Off-White hat damit begonnen, in ihren Flagship-Stores unter anderem Bitcoin und Ether zu akzeptieren
- Der Berliner Zahlungsanbieter Lunu wird das digitale Bezahlen erleichtern und der Modemarke helfen, volatile Preise auszugleichen
Luxury fashion brand Off-White has started accepting cryptocurrency payments at its flagship stores in Paris, Milan and London. Vogue store Reported Thursday.
Off-White, which produces an estimate $7 billion in sales said last year that it now takes Bitcoin, Ether, Binance coinXRP, Tether and Circles USDC in exchange for clothing and apparel.
The iconic major brand, founded by the late Virgil Obloh, joins a growing list of luxury fashion brands as crypto adopters, including watchmaker Hublot and Italian streetwearer Philipp Plein. The adoption of digital assets is another sign of the growing appetite of big brands, supported by an increasingly sophisticated payments infrastructure.
Off-White will reportedly use Berlin-based payments provider Lunu to facilitate digital payments and help the fashion brand support volatile prices via a crypto-to-currency point-of-sale arbitrage system.
This system, based on a pool of independent arbitrageurs, assigns the market price for crypto-to-fiat exchanges, while system oracles monitor and verify transactions on third-party blockchains Lunu's website.
“This is another important step in the growth of the brand as it looks to the future, including Web 3.0 technologies, and understands the needs and wants of its ever-evolving customer base,” said a company statement quoted in the report.
In fact, the majority of Off-White's consumer base is primarily Gen-Y or " Millennials ” – those born between 1981 and 1996. They also happen to belong to the crypto industries largest adopters.
The company, founded in Milan in 2012, is majority owned by LVMH Moet Hennessy Louis Vuitton after acquiring a 60 percent stake in the label last year. The brand's parent company, New Guards Group, was purchased by luxury marketplace Farfetch for a whopping $675 million in August 2019.
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The post Luxury Brand Off-White Accepts Crypto Payments at Flagship Stores is not financial advice.