Tag Heuer has become the latest entrant to join the list of brands that are keen on getting ready for the Web3 future. The Swiss luxury watchmaker has decided to sell its high-end watches for payments in cryptocurrencies. A total of 12 cryptocurrencies, including Bitcoin, Ether, and Dogecoin along with five other stablecoins have been listed as accepted options by the 162-year-old brand. BitPay crypto payment service provider has been roped-in to facilitate crypto payments for Tag Heuer. Watches costing as high as $10,000 will be eligible for purchase via cryptocurrencies.
Tag Heuer has backed its decision of opening crypto payments by citing the boom that the crypto community has witnessed in recent years.
“With an increasing number of customers using or earning digital currencies regularly, TAG Heuer intends to be a key player in the imminent transformation of the e-commerce and retail spaces,” the Swiss horologer said in a blog-post.
Earlier this month, luxury fashion house Gucci started accepting crypto payments in US stores.
Litecoin, Shiba Inu, Bitcoin Cash, and Wrapped Bitcoin have also made it to the list of Tag Heuer’s crypto payment options.
The US dollar-pegged stablecoins that made the cut include BUSD, DAI, GUSD, USDC, and USDP.
Frederic Arnault, the CEO of Tag Heuer has spoken about the trust of his company on the crypto sector.
“We knew Tag Heuer would adopt what promises to be a globally integrated technology in the near future despite the fluctuations. We have been following cryptocurrency developments very closely ever since Bitcoin first started trading,” Arnault said.
With this, the vintage watchmaker from Switzerland’s La Chaux-de-Fonds city, has officially forayed into the industrial Web3 space.
Tag Heuer is also in an official partnership with Red Bull Racing Formula 1 Team hence its Web3 entry does not come as a surprise.
In the last few months, several brands have taken their first steps into adopting crypto as a payment alternative.
UAE’s Emirates Airlines are planning to bring in Bitcoin payments for passengers.
Dubai’s real estate player Damac Properties added Bitcoin and Ethereum as payment options.
Earlier in May, AMC Theatres, US’ largest movie hall chain said that crypto transactions made for 35 percent of the total online payments for the company in the first quarter of 2022.
After enabling crypto payments, AMC Theatres also witnessed a growth in revenue that has touched $785 million (roughly Rs. 6,066 crore) this quarter.