Cryptocurrency payments have had a considerable evolution and advance in the last 10 years. Little by little, brands, businesses and people begin to understand what all this movement of digital payments with cryptocurrencies is about. The last major company to announce that it will accept cryptocurrency payments was Philipp Plein, the fashion retailer.
The often controversial brand, and known for its over the top aesthetic, has long been an early adopter of technology in the fashion world. It was even one of the first brands to develop an internal e-commerce platform.
According to what they indicated in a statement, payments with cryptocurrencies will be accepted both in Philipp Plein’s physical retail stores and online. To achieve this, the company partnered with Coinify, a crypto payment platform owned by Voyager Digital.
More details on the acceptance of cryptocurrency payments by Philipp Plein
Philipp Plein will accept 15 cryptocurrencies for both online and in-store purchases. In that sense, the brand will become the first major fashion brand to accept cryptocurrencies as payment.
Philipp Plein’s crypto payments are part of a broader trend in the fashion industry towards cryptocurrency adoption. An example of this is that historical brands like Burberry launched collectible NFTs. Likewise, luxury brand conglomerate LVMH is testing blockchain-based authentication services.
Some luxury and beauty brands, including watchmakers Hublot and Franck Muller, are accepting cryptocurrencies as payment.
“We believe that cryptocurrencies are the future (…) we have made a great commitment in time and resources, making all the necessary system modifications to adopt this new type of currency,” the brand said in a press release.