PHILIPP PLEIN becomes the first fashion group to accept crypto payments

Swiss-based luxury fashion group PHILIPP PLEIN International AG has started accepting cryptocurrencies as payment for its products. The brand now supports payments in 15 cryptocurrencies, including Bitcoin (BTC/USD) and Ethereum (ETH/USD). To this end, consumers can seamlessly check out with crypto in the fashion group’s brick-and-mortar stores around the globe, as well as on its e-commerce platform.

According to the news release, PHILIPP PLEIN expects that this new payment option will quickly pick up momentum. Explaining the group’s decision to embrace crypto, the fashion house’s designer and co-founder, Philipp Patrick Plein, said he believes in the future of crypto. He added that integrating crypto payments will help make the brand make history. Apart from embracing crypto payments, Plein disclosed that he HODLs crypto, but did not specify which coin(s).

Bullish on this development, Plein said he and his team committed a lot of time and resources in modifying the fashion house’s system to accept crypto payments. He added that he is very pleased to offer customers an additional payment tool and the flexibility that comes with it.

Increasing crypto adoption among luxury brands

Plein noted that being among the most progressive and disruptive fashion brands is not a new thing for PHILIPP PLEIN. Reportedly, he has been working with his group to invest and develop digital technology that applies to the fashion sector. This is evident in the brand’s creation of an in-house of e-commerce platform. According to Plein, the crypto payment option will play a significant role in helping the e-commerce platform reach its goal of recording a $118.04 billion (£84.84 billion) turnover in 2021.

Companies in different industries continue embracing crypto payments. Apart from PHILIPP PLEIN, Hill Helicopters announced earlier this week that it had joined hands with CoinCorner to accept BTC as payment for its luxury aircraft. Reportedly, the company accepted a BTC payment for an HX50 helicopter and anticipates sealing more similar deals in the future.

Meanwhile, the crypto market is staging another rally after recovering from last month’s lows. At the time of writing, most of the crypto market is green, with BTC surging by 8.57% at the time of writing, 1:20 PM UTC, to change hands at $40,955.80 (£29,480.60). ETH is also trading bullishly after completing its London hard fork yesterday. The coin is currently changing hands at $2,777.75 (£1,997.86) after a 6.06% gain over the past 24 hours.

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