Clothing giant, Ralph Lauren, accepts Bitcoin

Ralph Lauren opens its doors to bitcoins as payment for their products. This development is only available at the new Miami store in the US. Further details revealed that the clothing brand entered a partnership with BitPay, a leading crypto payment service, to allow shoppers to pay in several other cryptocurrencies such as Ether, matic, doge, SHIB, ApeCoin, Bitcoin Cash (BCH), Dai, EUROC, GUSD, LTC, USDP, USDC, and WBTC.

Ralph Lauren noted that customers will also be refunded using the same cryptocurrency they use in making payment in situations that demand refunds.

Ralph Lauren and Poolsuite NFT partnership

In a similar update, Vogue Business said that Ralph Lauren pulled a deal with Poolsuite, a former internet radio station, to provide 3,000 NFTs for members of the Poolsuite community. Vogue Business added that the NFT will grant members exclusive access to an upcoming party at a Miami estate later in April.

While this is the first move by Ralph Lauren towards blockchain-based assets, the fashion industry has shown a fair affinity for what’s happening in the crypto space. Gucci, Nike, Balenciaga, Tiffany & Co and Louis Vuitton are amongst a few brands that have said yes to crypto.

Outside the fashion industry, internet firms (such as Drip, Namecheap, AWeber, and MoonMail) and restaurant businesses like Starbucks, KFC, Pizza Hut, and Subway accept crypto from their customers as an alternative payment system.

From the launch of bitcoin in 2009 till date, the use of cryptocurrencies as a means of payment has increased with Deloitte saying that 75% of the top retailers in the world plan to use crypto by 2024.