Cryptocurrency adoption has significantly increased over the last few years. More and more stores and businesses are opening their doors to the emerging new asset class. American fashion brand Ralph Lauren has revealed that they will accept cryptocurrency payments at their Miami store. The Miami store will be the first outlet for the fashion brand to accept crypto payments.
The move to accept digital currencies comes with a partnership with BitPay, the popular payments application. Customers can use popular cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Polygon (MATIC) at the Miami Ralph Lauren store. Moreover, the store will also process refunds in the crypto used to make the original payment.
The company is also working with Poolsuite, an NFT-gated membership that encourages the Miami lifestyle. All 3,000 members of the Poolsuite community will get a co-designed Ralph Lauren x Poolsuite NFT as the first component of the partnership. This will grant entry to a party held later this month, as part of a three-day launch event at an exclusive Miami waterfront estate.
Although this is Ralph Lauren’s first blockchain-based project, the company has long promoted technological advancement and aimed to attract new customers through collaborations with gaming and metaverse platforms.
Will Ralph Lauren inspire other brands to accept cryptocurrency payments?
Ralph Lauren is one of the most popular fashion brands in the world. A move from the clothing giant is sure to catch the attention of other popular brands. Moreover, brands have to cater to a new generation of customers. This includes catering to their choice of payment methods. Cryptocurrencies are slowly taking center stage in global finances. Although the industry is still in its nascent stages, it has managed to capture the imagination and attention of certain users.
Therefore, we may see more brands open their doors to the emerging new asset class. Gucci, the popular luxury fashion brand from Italy, also began accepting cryptocurrency payments back in 2022.