Leading Luxury Watchmaker Collaborates With Bitpay To Support Crypto Payments

Over the past 12 months, the fashion industry (including luxury brands) has been exploring the crypto and Web3 space. Hence, it is only logical that players in this industry support crypto payments as part of their foray into the Web3 space.

Luxurious Brands Are Also Exploring The Crypto Space

As various industry players continue to show increasing interest in transitioning to the virtual world, crypto payment support in these industries has also been gathering pace. Despite the general decline in the crypto market since the beginning of the year, many industries still embrace crypto payment support.

Two weeks ago, top luxury brand and Web3 supporter, Gucci, announced that it has started supporting crypto payments. On Thursday, leading Switzerland-based luxury watchmaker, Tag Heuer, announced that its customers could also make payments for their purchases in crypto.

Tag Heuer US Now Supports Crypto Payments

The official statement from Tag Heuer clarified that it is only its US-based stores that can currently support crypto payments. Part of the announcement states that “Tag Heuer seeks to be a dominant player in the revolution of the eCom and retail sectors as more customers continue to earn in cryptos and seek to perform financial settlements using these digital currencies.”

The official statement added that “Tag Heuer supports up to 12 cryptos for payments with BitPay providing the tech support to complete these digital asset payments. BitPay is a leading provider of specialized blockchain-related services for large and medium-scale businesses.”

Currently, Tag Heuer supports 12 digital assets, including five USD-pegged stablecoins. The tokens are BTC, wBTC, SHIB, LTC, BCH, ETH, and DOGE, while these stablecoins are BUSD, GUSD, USDP, DAI, and USDC.

While there is no minimum transaction amount, customers can purchase up to $10K worth of goods using any cryptos mentioned above. While speaking about the development, Tag Heuer CEO, Frederic Arnault, stated that “we’ve been following developments in the crypto space since the advent of crypto trading with BTC.”

“Hence, we have already been preparing Tag Heuer to adopt this revolutionary technology. Despite the huge volatility in the crypto market, we remain deeply convinced that this technology will have a huge impact on our industry and other industries.”

Arnault further said, “since we are a luxury brand, we needed to foray into the Web3 space without compromising our excellent standards. Hence, we are grateful to BitPay for their tech support and our in-house team for making it happen as we desired. This new feature is one of many other projects we intend to deploy as we continue to explore the Web3 space.”

Would Tag Heuer Collaborate With The Red Bull Formula 1 Team To Explore The Metaverse?

As widely reported two months ago, Red Bull filed a metaverse-related trademark. Many savored the prospect of having a metaverse space where they could purchase various Red Bull products. Now that Tag Heuer is exploring the Web3 sector and as one of the official partners of Red Bull, a partnership between the two firms is something to savor.