TAG Heuer Partners with BitPay to Accept Crypto Payments in the US

Key Insights:

• On Thursday, TAG Heuer announced the introduction of online cryptocurrency payments in the US.
• TAG Heuer customers in the US can now make online purchases of up to $10,000 per transaction with the support of BitPay.
• As a Red Bull Formula 1 Racing Team official partner, Web3 options are endless.

Since 2021, the fashion industry and luxury brands have embraced cryptocurrencies and Web3. The acceptance of cryptocurrencies for payment is a natural step into the Web 3 space.

As the transition from the real to the virtual world gathers pace, the adoption of cryptocurrencies for payment has also gained momentum.

The wider acceptance of cryptocurrencies for payment comes despite this year’s crypto sell-off. Earlier this month, Web3 advocate and luxury fashion house Gucci started accepting crypto payments in US stores.

This week, Swiss luxury watchmaker TAG Heuer joined an ever-increasing list of names to accept crypto payments.

Swiss Luxury Watchmaker Takes US Online Crypto Payments

On Thursday, TAG Heuer announced customers within the United States can make online purchases of timepieces and accessories using cryptocurrencies.

According to the announcement,

“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 announcement went on to say,

“With the support of BitPay which specializes in building custom blockchain payment technology for businesses, TAG Heuer now accepts a total of 12 cryptocurrencies at checkout.”

The 12 cryptos include Bitcoin (BTC), Bitcoin Cash (BCH), Dogecoin (DOGE), Ethereum (ETH), Litecoin (LTC), Shiba Inu (SHIB), Wrapped Bitcoin (WBTC), and five USD-pegged stablecoins.

The USD-pegged stablecoins include BUSD, DAI, GUSD, USDC, and USDP.

There is no minimum spend, and US customers can purchase up to $10,000 per transaction in supported cryptos.

Frederic Arnault, CEO of TAG Heuer, said,

“We have been following cryptocurrency developments very closely ever since Bitcoin first started trading. As an avant-garde watchmaker with an innovative spirit, we knew TAG Heuer would adopt what promises to be a globally integrated technology in the near future despite the fluctuations – one that will deeply transform our industry and beyond.”

Arnault added,

“As a luxury brand, we had to ensure that our entrance into Web3 would meet our standards of excellence and thanks to our nimble teams in-house and with the support of BitPay we are able to dive into this new financial world in the best way possible. This new crypto payment feature is just the beginning of many exciting projects for TAG Heuer in the Web3 universes.”

With TAG Heuer the official partner and timekeeper of the Red Bull Racing Formula 1 Team, Web3 is a target.

Formula 1 Team Owner Red Bull Looks to Lead the Way into Web3

In March, FX Empire reported Red Bull filing digital and metaverse-related trademarks. The applications raised the prospects of a Red Bull zone in the metaverse. Here, the opportunities are endless. Fans could buy drinks, clothing, and equipment, and even experience Red Bull-sponsored extreme sports.

With TAG Heuer now embracing Web3, the Formula 1 interlink could prove a mouth-watering prospect.

Red Bull Racing Formula 1 paved the way, partnering with Tezos (XTZ) to launch Red Bull Racing Formula 1 NFTs. NFTs from the Red Bull Racing Digital Collectibles are available for sale on the Sweet marketplace.

At the time of writing, however, there were no NFTs available for sale, with the “MAX VERSTAPPEN, WORLD CHAMPION 2021” NFT sold out.

TAG Heuer’s move into the space could give Red Bull and Red Bull Racing Formula 1 an incentive to dive deeper into the virtual space.