Watchmaker Tag Heuer has announced that customers will be able to pay for goods with digital assets such as BTC, ETH, SHIB, DOGE, BCH, LTC, DAI, WBTC, XRP, GUSD, USDP, BUSD and USDC.
Swiss luxury watch manufacturer announced on Twitter that the payment function in cryptocurrency and stablecoins is currently only available to US citizens.
The option appeared thanks to cooperation with the cryptocurrency payment operator BitPay. Tag Heuer noted that this move is due to the growing demand of users for cryptocurrencies. There is no minimum purchase limit, the upper limit is $10,000 per transaction.
Luxury manufacturer Tag Heuer is interested in becoming a member of the Web3 space. The company has already begun to develop its own collection of non-fungible tokens (NFTs), and began to explore the possibility of using blockchain technology to increase the transparency of business processes.
“As a luxury brand, we need to make sure that the Web3 launch will meet our quality standards. With the support of BitPay, we can dive into this new world of finance,” said Tag Heuer CEO Frederic Arnault.
In 2020, another Swiss watch manufacturer, Breitling, began using blockchain to combat the spread of fakes.
Many well-known brands in the fashion and accessories industry have begun issuing collectible tokens that are similar to the physical counterparts of their goods. At the beginning of the year, French fashion magazine L’Officiel announced that it was preparing to introduce a virtual clothing collection in The Sandbox metaverse, consisting of 100,000 exclusive images processed using artificial intelligence. The French house Louis Vuitton did not escape the NFT craze, which presented a collection of unique tokens dedicated to the history of the brand.