Philipp Plein Becomes First Major Fashion Brand To Accept Crypto Payments
By Cheyenne Ligon
Philipp Plein will become the first major fashion brand to accept cryptocurrency as payment.
The popular, global label, named for its German designer but based in Switzerland, will accept 15 cryptocurrencies, including bitcoin (BTC, +7.07%) and ether (ETH, +5.69%), the company said Tuesday.
Crypto payments will be accepted both in Philipp Plein bricks-and-mortar retail stores and online. The brand has partnered with Coinify, a crypto payments platform owned by Voyager Digital.
Philipp Plein’s crypto payments is part of a larger trend in the fashion industry toward crypto adoption, with historic brands like Burberry releasing collectible NFTs and luxury brand conglomerate LVMH piloting blockchain-based authentication services.
A few luxury and beauty brands, including watchmakers Hublot and Franck Muller, are accepting cryptocurrency for payment.
The often-controversial brand, which is known for its over-the-top aesthetic, has long been an early adopter of technology in the fashion world and was one of the first brands to develop an in-house, e-commerce platform.
“I believe that cryptocurrencies are the future and my team and I have made a major commitment in time and resources, performing all necessary system modifications to adopt this new type of currency,” Plein said in a press release.