One of the world’s hottest fashion brands, Off-White, is now accepting cryptocurrencies as payments for its service.
Off-White Enables Crypto Payments
According to the report, Off-White has started accepting cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Ripple (XRP), Tether (USDT) and USD Coin (USDC) from its customers.
“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,” the brand said in a statement.
However, due to the highly volatile nature of digital assets, which might result in losses if accepted as payments, Off-White said it will be using a special LUNU POS terminal, a device that enables instant payment settlement with crypto immediately converted into fiat.
In addition, customers who return items bought will be refunded via fiat and not crypto.
Founded in 2012 and based in Milan, Italy, Off-White is a fashion brand company that offers a wide range of products including leather goods, clothing, accessories, shoes and homeware.
The firm made the decision to accept crypto payments due to its young users’ interest in the asset class, who also see fashion as a product to invest in.
Off-White has now joined a host of other fashion brands including luxury watch brand Hublot, Italian luxury streetwear brand Philipp Plein and others who are already accepting crypto as a payment option.
Crypto for Payments
Large corporations and small firms are beginning to accept crypto as payment in recent times. One major reason for this trend is the increasing demand for crypto services from customers.
To ensure that they do not lose their customers to competitors, these brands are now seeking ways to offer crypto payments.
Last November, the world’s largest movie theater chain, AMC Entertainment, enabled crypto payments to allow customers to pay for services using BTC, ETH, Bitcoin Cash (BCH) and Litecoin (LTC).
Just recently, Citizens School became the first school in the Middle East to accept cryptocurrencies as payment for tuition fees.
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