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Off-White luxury fashion label accepts Bitcoin, Ether payments
Off-White is the latest luxury fashion brand that adopts cryptocurrency payments.
Off-White, an Italian contemporary luxury fashion label, starts accepting cryptocurrency as payment.
American designer Virgil Abloh founded the company in Milan in 2012. However, LVMH acquired 60%Off-White’s majority stake in 2021.
Abloh’s team continues to run the brand to carry on with “the founder’s legacy of youth culture and innovation”.
Off-White's new crypto payment
Speaking of digital currency payment, customers can trade cryptocurrencies with no payment limit after fraud checks.
The fashion brand’s consumers can buy using Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Ripple (XRP), USD Coin (USDC), and Tether (USDT) in its flagship stores in London, Paris, and Milan.
According to Off-White’s announcement, it says:
“This is another important step in the growth of the brand, that looks towards the future including Web 3.0 technologies, understanding the needs and desires of its ever-evolving customer base.”
Moreover, the move for cryptocurrency payments targets Gen Z customers. Off-White started TikTok streaming for its Autumn/Winter 2022 fashion show since Gen Zers have the highest viewing rate.
Avoiding unwanted loss
Trading digital currency for fashion clothes seems risky for other crypto users due to high volatility. But then, Vogue pointed out few cautious shoppers may rather invest in fashion.
The refunds for any items purchased with digital currencies will be issued exclusively via store credit with local currency.
Since crypto transactions are risky if the exchange rates are not constantly monitored, the brand is using the LUNU POS terminal to avoid unwanted losses.
The system of the terminal grants customers to find the best currency-to-crypto exchange rate at the moment of transaction. It is also compatible with any crypto wallets with a QR code scanner to settle payments.
By Marielle Petere Wozinga Staff