As of now the brand will only be accepting cryptocurrency payments originating from the United States.
Tag Heuer now Powered by Cryptocurrencies
The globally recognized luxury watch brand, Tag Heuer recently announced that they have established a partnership with cryptocurrency payment service enabler, BitPay to allow its customers in the United States to buy their products using cryptocurrency. Currently there are twelve supported cryptocurrencies eligible as payment options which include, Ethereum, Bitcoin, Dogecoin, Litecoin, Shiba Inu and five other US Dollar powered stablecoins.
By working together with BitPay, the brand will be able to support digital transactions of up to $10,000 requiring zero minimum spending limit. Users will pay in cryptocurrencies using the BitPay service, from there it is BitPay’s job to convert the cryptocurrency payments into the equivalent amount of traditional fiat currency and deliver it to Tag Heuer. Tag Heuer will now also support various popular cryptocurrency wallets exchanges such as, Coinbase, Binance, Gemini Wallet and many others.
CEO of Tag Heuer, Frédéric Arnault commented about the crypto market and the company’s new development, saying that they have kept an eye on cryptocurrencies since they first came into origin when Bitcoin had started to show its presence in the market. This showed that the company had been developing its interest in cryptocurrencies and was sort of waiting for the correct moment to strike.
The CEO added that since the brand focuses on innovation, they knew that it would surely integrate this new technology into their business model in the coming time, that will hopefully bring evolution into the financial industry, despite the active volatility that the cryptocurrency market faces.
No Fear of Market State
As mentioned before, despite the volatility that the cryptocurrency market has shown, not only famous fashion brands, but several other brands across different fields have been working to engage with the cryptocurrency market.
This year, globally famous brands like Gucci and Off White had also enabled cryptocurrencies as a legit payment alternative for those interested, however when it comes to refunds, there is a big issue, as BitPay would return the same amount of cryptocurrency, regardless of its current value in the market, which could either have fallen or have surged, leading to either the customer or the company with loss.
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