Fashion giant, Philip Plein, known for his luxury fashion products is set to leverage on crypto holders to become his customers as the company has disclosed it will start accepting payments in cryptocurrencies. Bitcoin, Ethereum and a number of other cryptos would be accepted by the German fashion house.
The company is said to have partnered with Coinfy, a subsidiary of Cryptocurrency exchange, Voyager to help facilitate payments by its customers in Cryptocurrencies. Holders of cryptocurrencies do not have to worry about converting to Fiat currency as Philip Plein will save all the stress with the newly adopted payment option.
However, orders above ten thousand Euros would require Know Your Customer (KYC) information. About 15 cryptocurrencies including Bitcoin, Ethereum, Dogecoin among others would be accepted according to the Instagram post by Philip Plein.
In the post, Philip Plein boasted and called himself ”Crypto King”. He also noted that the company has a target of making 100 million Euros from orders online this year and the adoption of crypto payment is in line with hitting the target;
“I’m a crypto investor and I believe in the future of CRYPTO – this is why I decided to offer this payment method in my stores and online!!!! Have fun guys and enjoy shooting CRYPTO COINS in our wallet – together we making history.”
Philip Plein is actually making history as it is the first in the fashion industry to accept payments in cryptocurrencies.