Swiss luxury watchmaker TAG Heuer has announced that its customers in the United States will be able to pay for their purchases in cryptocurrencies through a partnership with BitPay. Thus, more than a dozen assets are now accepted on the brand’s website.
BitPay allows TAG Heuer to receive payments in cryptocurrencies
Swiss watchmaker TAG Heuer, is now accepting cryptocurrency payments from its US customers, thanks to an integration of services provided by the company BitPay.
Thanks to our partnership with @BitPay, we’re proud to introduce the cryptocurrency payment on our US website.
Shop now in Bitcoin, Ethereum, Litecoin or 10 other cryptocurrencies at: https://t.co/cnYeW0ogvx pic.twitter.com/nOYXLU2ace– TAG Heuer (@TAGHeuer) May 19, 2022
When paying for an order with the BitPay implementation, various cryptocurrencies are recognized by TAG Heuer as payment methods, and this includes Bitcoin (BTC), ETH, as well as 5 dollar-indexed stablecoins. These are:
- The BUSD ;
- The DAI;
- THE USDC;
- The Gemini GUSD;
- And Paxos’ USDP.
We can highlight the fact that the USDT is not listed, even though it is the leading stablecoin in the market in terms of capitalisation. However, the company says that the list of supported cryptocurrencies is subject to change by BitPay.
No minimum purchase is required, but the brand has set a cap of $10,000 and the exchange rate is guaranteed for 15 minutes. In total, over 100 different wallets are supported, including MetaMask, Coinbase Wallet and Trust Wallet.
A first step into the Web3 era
According to Frédéric Arnault, the CEO of TAG Heuer, this is just the beginning of the company’s initiatives in the blockchain universe:
As a luxury brand, we needed to ensure that our entry into Web3 met our standards of excellence and thanks to our teams [and] BitPay, we are able to dive into this new financial world in the best possible way. This new crypto payments functionality is just the beginning of many exciting projects for TAG Heuer in the Web3 world. “
By the way, it is interesting to note that the watchmaker is part of the LVMH group, and that the latter is starting to become familiar with Web 3.0. For example, we can cite its experimentation with non-fungible tokens (NFTs) through a mobile game, although TAG Heuer’s latest innovation is a much more concrete example.
Regarding NFTs, TAG Heuer explicitly mentions that it wants to explore this avenue, without giving more details for the moment. Let’s remember that its competitor, Breitling, allows the tracking of their watches on the blockchain, thanks to a digital certificate generated with the technology of the French company Arianee.
This news confirms a trend that seems to be growing in recent months, namely the growing desire of luxury companies to accelerate their transition to the Web3. They want to broaden their customer base by diversifying their services to meet growing demand.
