Off-White Will Accept Bitcoin And Crypto Payments In Flagship Stores Located In Paris, London and Milan
Off-White, which has a design studio in Milan, has announced that it will accept Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Ripple (XRP), Tether (USDT), and USD Coin as well as Tether (USDT) and USD Coin (USDC).
At a time when some countries, including China, have outlawed this type of payment, this is a daring move. In Europe, the framework for these types of currencies has likewise gotten more stringent. A European rule that would make it mandatory to identify the creditor and debtor during a transaction is now being debated. Off-commercial White’s management does not appear to be concerned about this project because it has been validated.
“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.”
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.
For many crypto users, trading cryptocurrency for clothes could come at a risk. The resale returns of fashion couldn’t match up to the kind of returns on a cryptocurrency bull-run (a spike in value, as seen in 2017 and 2021), for example. However, with cryptocurrency values currently tanking, some cautious shoppers may rather invest in fashion instead.
Cryptocurrency transactions can be dangerous for brands if exchange rates are not constantly monitored. If a brand prices a garment at a certain amount of a particular crypto coin, and the value tanks, it’s exposed to losses. To avoid this, Off-White is using a special LUNU POS terminal, which finds the best currency-to-crypto exchange rate at the time of transaction, and is compatible with multiple crypto wallets that can scan a revealed QR code to settle payment. Refunds for any items purchased with cryptocurrency will be issued exclusively via store credit, in the local currency, Off-White says.
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