American fashion giant Ralph Lauren will start taking crypto payments at its recently opened Miami store.
It notes that customers will now be able to make purchases with various cryptocurrencies, including Bitcoin, Ethereum, and MATIC.
Ralph Lauren Accepts Bitcoin, Gifts NFTs
As per the press statement, the retailer is collaborating with payment processor BitPay to enable customers to make cryptocurrency purchases in-store.
In terms of luxury lifestyle product creation, marketing, and distribution, Ralph Lauren Corporation is one of the global leaders.
The fashion giant has also collaborated with Poolsuite to launch its flagship shop. It notes, “Ralph Lauren will collaborate with Poolsuite, a web3 community deeply rooted in the Miami lifestyle and aimed at building the future of internet leisure, to unveil a multi-tiered partnership, engaging a new audience.”
Besides enabling crypto payments, the Company will allow all current Poolsuite community members to enter a special event through the co-designed Ralph Lauren x Poolsuite NFT. Many companies use NFTs in their incentive programs. For instance, Starbucks revealed its first collection of 2,000 digital “stamps”—limited edition, non-fungible tokens—on March 10.
In the meantime, Ralph Lauren’s third quarter results for FY23 were strong, with reported sales growing by 1% to $1.8 billion. The third quarter of its 2023 fiscal year saw $216 million in net profit. The company had $1.7 billion in cash and short-term investments at the conclusion of the quarter.
Crypto Payments are Mainstream
According to its website, BitPay has partnered with over 250 companies and stores to allow crypto payments. Other names include the American theatre company AMC Theatres, the upscale goods store Jomashop, the e-commerce retailer Newegg, etc.
Zebedee, an entertainment and payments business, also recently unveiled its instant payment function using the Bitcoin Lightning network. Burger King introduced Instpower power bank rental kiosks with crypto payment options at fast food chain sites in Paris. The global fast food juggernaut teamed up with Alchemy Pay and Binance Pay, two cryptocurrency payment systems, to integrate them into the machines.
As per Tracxn’s January data, there are 615 crypto payments companies globally.
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