In a major boost for crypto adoption, LVMH-owned Swiss watchmaker TAG Heuer, and online marketplace Shopify now accept crypto payments.
The move comes just days after luxury brand Gucci also began accepting crypto payments in the United States.
The push into crypto shows broader interest among brands and retailers in accepting bitcoin and other cryptocurrencies in the U.S. Several other firms, including theatre operator AMC and coffee chain Starbucks accept some form of crypto.
Swiss luxury watchmaker TAG Heuer has partnered with BitPay to accept crypto payments for online purchases in the U.S., the company said in a press release. TAG Heuer will accept payments up to $10,000 in cryptos per transaction, with no minimum transaction value.
Customers can buy timepieces and accessories with 12 cryptocurrencies. These include — Bitcoin (BTC), Bitcoin Cash (BCH), Wrapped BTC (WBTC), Ethereum (ETH), Litecoin (LTC), Dogecoin (DOGE), Shiba Inu (SHIB). Moreover, five stablecoins are accepted including BUSD, USDC, DAI, GUSD, and USDP.
Frederic Arnault, CEO of TAG Heuer, said:
“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.”
Interestingly, Shopify’s expansion into crypto for payments could potentially increase the mass adoption of cryptocurrencies. Shopify has now partnered with Crypto.com Pay to let merchants accept over 20 cryptocurrencies for payments. Shopify also allows merchants to accept crypto using Strike, Coinbase Commerce, and BitPay.
Therefore, with an increasing number of customers using or earning digital currencies regularly, brands and retailers intend to lead the imminent transformation of the e-commerce and retail spaces.
Bitcoin and cryptocurrencies have dropped massively from their all-time high prices. Thus, the “Buy-the-Dip” opportunities now exist for investors. The acceptance of cryptocurrencies is the start of a transition to the Web3 ecosystem. In fact, many brands have even entered into the metaverse.
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