TAG Heuer’s new move into blockchain signals a wider acceptance of cryptocurrencies amongst luxury brands.
Just last week, Gucci announced that it would be including cryptocurrencies in its roster of payment modes and today, luxury watchmaker TAG Heuer will also allow customers to pay using popular coins like Bitcoin, Bitcoin Cash, Dogecoin, Ethereum, Litecoin, Shiba Inu, and more, as well as five USD-pegged stable coins. TAG Heuer is partnering with Bitpay to bring this new functionality to its e-commerce customer base.
The booming interest in crypto has sparked many conversations, and brands will want to be part of this ongoing discussion to remain relevant and be seen as keeping with the times. With Gucci’s acceptance of cryptocurrencies, it becomes one of the first major luxury brands to validate its usage. Now TAG Heuer takes the lead for LVMH, the world’s largest luxury conglomerate as the group plans its foray into Web3.
According to the press release, “TAG Heuer intends to be a key player in the imminent transformation of the e-commerce and retail spaces.” Furthermore, the brand intends for this new venture to mark its first step “within a wider and long-term strategy for Web3, which will allow TAG Heuer to come alive in bold new ways via blockchain technology, NFTs, and more.”
“We have been following cryptocurrency developments very closely ever since Bitcoin first started trading. As an avant-garde watchmaker with an innovative spirit, we knew TAG Heuer would adopt what promises to be a globally integrated technology in the near future despite the fluctuations— one that will deeply transform our industry and beyond,” explains Frédéric Arnault, CEO of TAG Heuer.
“As a luxury brand we had to ensure that our entrance into Web3 would meet our standards of excellence and thanks to our nimble teams in-house and with the support of BitPay we are able to dive into this new financial world in the best way possible. This new crypto payment feature is just the beginning of many exciting projects for TAG Heuer in the Web3 universes.”
For this payment method, no minimum spending is required and up to US$10,000 per transaction. Customers can select their preferred crypto wallet or exchange, and cryptocurrency before proceeding with their payment. Each transaction will be given 15 minutes before the exchange rates changes again.
As a forward-looking brand constantly seeking innovations, the integration of cryptocurrency is a natural progression for the brand. Despite the recent crypto crash, brands are still optimistic about the landscape and it seems like more brands will start offering this option soon.
This story first appeared on Luxuo!
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