Philipp Plein has become the first major fashion brand to begin accepting cryptocurrency as it partners with Coinify.
Philipp Plein International Group, which owns the eponymous Philipp Plein fashion label alongside Plein Sport and Billionaire fashion brands, will now accept payment in 15 leading cryptocurrencies.
The Swiss fashion group will reportedly accept digital payments across both its online platforms and its physical store estate.
“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, adding that he was now the “crypto king”.
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The move marks a significant step toward the retail mainstream for digital currencies, which have been gradually working their way into the industry for years.
Payment giant PayPal announced earlier this year that it would allow shoppers to “check out with crypto” via its platform, which is used by 29 million merchants globally.
Ebay, which recently separated from PayPal, is expected to follow suit in the near future and allow shoppers to begin making payments with cryptocurrency.
Meanwhile in China, ecommerce giant JD.com has begun paying its staff in the state-owned digital yuan.