KANALCOIN NEWS – Philipp Plein International Group will be one of the first fashion brands to accept cryptocurrency as a payment method. Philipp Plein as the number one person who developed this brand said that his party would accept 15 cryptocurrencies.
Some of them like bitcoin which accounts for 0.63% and Ethereum 0.44% of each transaction. Payments via cryptocurrency will be accepted at offline retail stores as well as on online shopping sites.
In adopting cryptocurrencies, it seems that Philipp Plein International Group has partnered with Coinfy, a cryptocurrency payment platform that was acquired by Voyager Digital for US$ 84 million. According to Coindesk, the reason Philipp Plein accepts cryptocurrency payments is because the company wants to follow a larger trend in the fashion industry towards crypto adoption.
“I believe that cryptocurrencies are the future. My team and I have made a huge commitment of time and resources, making all the necessary system modifications to adopt this new type of currency,” Plein said in a press release as quoted on Sunday, (15/8/2021).
The company also looks at historic brands such as Burberry, which released NFT and could be billed by luxury brand conglomerate LVMH. In its realization, Burberry is testing a blockchain-based authentication service.
In a post on his personal account, Philipp Plein made it clear that he believes in the future of cryptocurrencies. Because of his optimism, he decided to offer this payment method to people around the world.
“Have fun, friends, let’s make history together,” he said on his personal Instagram account.
Not only Burberry, several well-known beauty brands have already adopted crypto assets as a payment method. One of them is Hublot and Franck Muller who take part in the manufacture of luxury watches.
Still referring to the Coindesk report, Philipp Plein International Group which is known to be controversial and has aesthetic value in each of its products, the company has long planned to adopt crypto assets. This brand is also the initiator in developing an e-commerce platform in the internal scope.
Philipp Plein’s move made his brand the first major luxury brand to accept cryptocurrencies. However, earlier in May 2021 Gucci had started selling non-fungible tokens (NFT) based on its spring collection.
On the other hand, to attract public interest, the man born in 1978 also provided a special program for shoppers who shop using cryptocurrencies. In his statement, he claims that customers who want to spend their crypto assets on sneakers for US$ 6,500 now have the opportunity to do so.
Buyers who transact using cryptocurrencies will later be asked to provide Know Your Customer (KYC) information. This means that every transaction that exceeds € 10,000 will be subject to additional information to increase the accuracy of the buyer’s data.
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