- 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.
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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.
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