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Agenda-setting intelligence, analysis and advice for the global fashion community.

What Brands Need to Know About Accepting Cryptocurrency

Gucci, Balenciaga, Farfetch and others are adopting crypto payments. But before brands follow, they need to consider a number of factors, from how to handle transactions to the risks involved.
A neon sign in a shop window announces that Bitcoin is accepted there.
More brands are letting customers pay in cryptocurrencies. (Shutterstock)

Fashion and luxury sellers may be feeling some peer pressure right about now to jump on the bandwagon and start taking cryptocurrencies as payment.

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Further Reading

Will Luxury Brands Start Accepting Crypto?

Philipp Plein is going for it, and some of the industry’s biggest brands have considered accepting Bitcoin, Ethereum and other blockchain-based payments. But the risks might still outweigh the benefits for more established players.

What’s Next for Luxury Brands and Blockchain

The Prada and LVMH-backed Aura Blockchain Consortium is rolling out a shared solution for brands to distribute NFTs. But leveraging blockchain for issues like fighting counterfeits and tracing materials is still in its early stages.

About the author
Marc Bain
Marc Bain

Marc Bain is Technology Correspondent at The Business of Fashion. He is based in New York and drives BoF’s coverage of technology and innovation, from start-ups to Big Tech.

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