The U.S.-based fashion brand Ralph Lauren has revealed plans to accept crypto as a payment method at its Miami store.
The cryptocurrencies accepted at the store will include Bitcoin (BTC), Polygon (MATIC), and Ethereum (ETH).
- The company has collaborated with a crypto payment service provider, BitPay, to make the new payment option available.
- The
brand will also give refunds in the same cryptocurrency initially used
for the payment, and the refunds will match the total dollar amount of
what is returned to adapt to the volatility in the values of the
cryptocurrencies.
- The new Miami Design District store in Miami will be the company’s first location to accept crypto payments.
- The store has also partnered with the Web3 community Poolsuite to gift NFTs.
- As part of the partnership, all 3,000 Poolsuite community members will be given a co-designed Ralph Lauren x Poolsuite NFT that will unlock entry to a party at a private waterfront Miami estate later this month.
- Italian
high-end luxury fashion house Gucci also started accepting crypto
payments through BitPay integration at select stores in the U.S. last
year.
