May 20
[Delio] Luxury Watchmaker Tag Heuer Supports Cryptocurrency Payment
A global luxury watchmaker, Tag Heuer now allows the purchase of their timepieces on U.S. online shops using cryptocurrencies, Yahoo and Finbhold reported on May 19.
The company will add 12 cryptocurrencies as payment methods, including Bitcoin, Dogecoin, and Ethereum, and five dollar-pegged stablecoins, partnering with BitPay which connects to most crypto wallets and exchanges. Prices are fixed in dollars, regardless of payment method.
There is no minimum amount to be spent while the maximum has been capped at $10,000 per transaction. The firm explained that the increased usage of cryptocurrencies prompted the addition of a new payment option.
In a statement, said chief executive officer (CEO) Frederic Arnault said, “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”.
The executive mentioned Web 3 and NFT-related projects during a keynote at Watches & Wonders this year.
More and more luxury brands are joining the crypto craze. In recent weeks, Gucci launched a pilot program in select U.S. stores, while German designer Philipp Plein opened a pop-up store in London with prices displayed in alternative cryptocurrencies.
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