- Off-White now accepts crypto payments in its London, Paris, and Milan flagship stores
- Berlin-based payments provider Lunu will assist with digital payments and help the fashion brand with prices.
- The brand joins a wide list of luxury fashion lines accepting crypto payments.
According to the news blog of Vogue Business on Thursday, Luxury fashion brand Off-White is now accepting cryptocurrency payments covered by its flagship stores in London, Milan, and Paris.
Off-White, which generated around $7 billion in revenue last year, announced that it will now accept leading cryptocurrencies. Specifically, these include BTC, ETH, BNB, XRP, and stablecoins USDT and USDC.
The luxury brand will use Lunu, a Berlin-based payments provider, to assist the digital payments and help Off-White to anchor volatile prices through a crypto-to-currency point-of-sales arbitrage system. Additionally, the Lunu System merges a terminal and widget with a processing service designed to perform “instant auctions.”
According to Lunu’s website, the system launched on a pool of independent arbitrageurs. The system allocates the market price for the crypto-to-fiat exchange. At the same time, its systems oracles check and authenticate the transactions in third-party blockchains.
A statement quoted in the report said:
“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.”
This recent move by the luxury brand generally benefits the majority of their customers, which mainly consists of Gen Y or “Millennials” — born between 1981 and 1996. Whereas, according to a survey, this generation has at least 43% crypto adopters in the U.S.
The luxury brand, founded by the late Virgil Abloh, now joins a wide list of luxury brands adopting cryptocurrency. Already, luxury brand Michele Franzese Moda, watchmaker Hublot, and Italian streetwear line Philipp Plein have done the same. The desire of major brands to support and accept crypto indicates the continuous growth of the crypto space.
Recommended News :
Crypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.