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Cryptocurrency has now entered the world of fashion. Global fashion label, the Philipp Plein Group, is set to become the first major fashion brand to accept crypto as payment.
In a press release on August 3, the Philipp Plein Group announced that it will soon start accepting payments. The company added that it will honor 15 cryptocurrencies including the world’s largest digital currency by market cap Bitcoin (BTC) and Ether (ETH), the native crypto of the Ethereum network.
Crypto will be accepted as payment by many of the company’s brick and mortar retail outlets worldwide as well as on its e-commerce platform www.plein.com. The acceptance of digital currency payments is made possible by the fashion group’s partnership with Coinify, the crypto payments platform owned by Voyager Digital, according to Coindesk.
German designer Philipp Plein, who founded the Switzerland-based fashion brand, and his group have always been at the forefront of innovation and are always seeking ways on how to apply new technologies to the fashion industry. For instance, the company is also among the first global brands to set up its own in-house e-commerce platform.
The company expects its e-commerce platform to reach a record turnover of 100 million euros this year, making it the brand’s most lucrative channel. With its recent embrace of digital currencies and its commitment to the digital world, the Philipp Plein Group is once again ahead of the curve among its peers.
“Being among the most progressive and disruptive fashion brands is nothing new for PHILIPP PLEIN,” the German designer said. “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 in order to adopt this new type of currency. I am very pleased to be able to offer to our customers this additional payment tool and the flexibility associated with it.”
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