Off-White greenlights crypto payment in its stores
Off-White customers are now able to purchase products in their chosen cryptocurrency at the brand's Paris flagship store located at 8 rue de Castiglione, among others. The brand, founded in 2013 by the late American designer Virgil Abloh, announced on March 31 that its Paris, London, and Milan flagship stores will all start accepting cryptocurrency payments.
With a design studio based in Milan, Off-White said it will accept Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Ripple (XRP), as well as Tether (USDT) and USD Coin (USDC). A bold move at a time when several countries, particularly China, have banned this method of payment. The framework for these type of currencies have also become stricter in Europe. A European regulation is currently being discussed that would make it compulsory to identify the creditor and debtor during a transaction. This initiative does not seem to worry Off-White’s commercial management since they have validated the venture.
"Secure crypto-currency transactions will be processed using the LUNU point-of-sale terminal, which finds the best crypto-fiat exchange rate at the time of the transaction, and is compatible with multiple crypto-currency wallets that can scan a secure QR code to settle the payment," explained the brand in a statement.
"Upon successful completion of the automated fraud checks, there will be no payment limits for crypto-currency transactions at these freestanding Off-White stores. Refunds for all items purchased in crypto-currencies will be issued exclusively via store credit, in local currency."
The concept for this initiative is a trial run. Off-White has a network of about 50 points-of-sale worldwide, the majority of which are in China and in Middle Eastern countries that do not accept cryptocurrencies.
The brand, which does not disclose revenues, has had the LVMH group as its majority shareholder since last July. Meanwhile, the label's distribution license is in the hands of the New Guards Group, which has been owned by Farfetch since 2019.
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