American fashion brand Ralph Lauren has announced that it has opened a store in Miami that will accept crypto payments.
Ralph Lauren announced on Tuesday (April 5th) that a new concept store has opened in Miami’s design district that will accept various cryptocurrencies as payment.
Crypto Assets to be Used Have Been Determined
Vogue Business reports that Ralph Lauren customers will be able to pay using a variety of cryptos, including Bitcoin, Ethereum, Polygon, Dogecoin and many other assets, thanks to a partnership with crypto payment service provider BitPay.
Apart from men’s and women’s collections, Ralph Lauren’s store will offer one-of-a-kind handbags and accessories exclusive to the Miami location. Considering the volatile nature of crypto, the store will provide any refunds in the same cryptocurrency used for the original payment. However, the amount to be refunded will be adjusted to match the total dollar amount of the product.
Ralph Lauren also plans to release a co-branded NFT collection in collaboration with Web3 community Poolsuite. These NFTs, which will be released, will be gifted to the existing 3,000 Poolsuite community members and will grant their holders access to an exclusive in-person event.
According to Decrypt, the event will take place in late April at a private beachfront property in Miami and will run for three days.
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