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Ralph Lauren fashion company has partnered with BitPay to start accepting Bitcoin payments in its newly-opened store in Miami’s Design District. The company is also teaming up with the Poolsuite Web3 community to launch a co-branded non-fungible token or NFT.
Ralph Lauren will accept crypto payments at the said store, which will become the first location of the brand to do so. Through its partnership with BitPay, customers will be able to pay for their purchases using Bitcoin (BTC), Polygon’s MATIC, and Ether (ETH).
As per Coindesk, the leading fashion brand will also release NFTs together with Poolsuite. These digital tokens are set to be given as gifts to existing holders of the Poolsuite NFT membership collection. The members will also have exclusive access to a "special event" and update their avatars with virtual Ralph Lauren wearables.
"This store will be an opportunity for us as a brand to gather key insights as we continue to explore the space," David Lauren, chief innovation and branding officer at Ralph Lauren, said in an interview with WWD. "We are in the early stages of our road map, but we see an exciting opportunity ahead across digital goods and virtual experiences to build upon our past touchpoints in the metaverse."
Nasdaq noted that Miami has been leading the bitcoin adoption in the country; thus, the acceptance of crypto payments at Ralph Lauren’s new store in the region just shows the fashion brand is ready to engage in new ways of accepting payments being used in this era of digitalization.
Meanwhile, in its announcement, BitPay stated that the new Ralph Lauren store in Miami “provides customers with new ways to engage with the brand and shop, including accepting cryptocurrency as a payment method. Customers can pay for all of Ralph Lauren’s elevated looks straight from their preferred crypto wallets, and the other cryptocurrencies that will be accepted aside from the three mentioned above are ApeCoin (APE), Bitcoin Cash (BCH), Dai (DAI), Dogecoin (DOGE), Euro Coin (EUROC), Gemini Dollar (GUSD), Litecoin (LTC), Pax Dollar (USDP), Shiba Inu (SHIB), USD Coin (USDC), and Wrapped Bitcoin (WBTC).
