Tag Heuer, a Swiss luxury wristwatch, has announced the acceptance of cryptocurrency payments for all online orders made on its US website.
Tag Heuer announced in a press release on May 19 that the new crypto payment option is a collaboration with BitPay and would support 12 digital currencies, including Bitcoin, Ethereum, Dogecoin, and five dollar-pegged stablecoins.
Customers in the United States will not be required to spend a minimum amount, and the maximum transaction value will be set at $10,000.
The new payment option was prompted by an increase in the number of clients who use digital currencies, according to the corporation.
Furthermore, the company stated that crypto payments are the first phase in its Web3 effort, which would include the general adoption of blockchain technology and NFTs.
Frédéric Arnault, CEO of TAG Heuer said,
“As a luxury brand we had to ensure that our entrance into Web3 would meet our standards of excellence and thanks to our nimble teams in-house and with the support of BitPay we are able to dive into this new financial world in the best way possible.”
Several watchmakers, including Tag Heuer, have recently upped their bitcoin investments. Breitling, for example, started issuing NFTs with physical watch sales, while Jacob & Co is now accepting cryptocurrency payments.
Tag Heuer joins the ranks of other high-end fashion houses that have adopted blockchain technology. L'OFFICIEL, a French fashion magazine, has announced plans to showcase part of its seasons in the metaverse, according to reports.
Under the Fashion Skin project, the magazine will launch The Sandbox, a virtual game region.