Crypto payments make way for Ralph Lauren’s new store in Miami

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US fashion giant Ralph Lauren will start accepting crypto payments at its recently opened Miami store.

He notes that customers will now be able to make purchases with various cryptocurrencies, including Bitcoin, Ethereum, and MATIC.

Ralph Lauren accepts Bitcoin and offers NFTs

According to the press release, the retailer is working with payment processor BitPay to allow customers to make in-store cryptocurrency purchases.

In terms of creating, marketing and distributing luxury lifestyle products, Ralph Lauren Corporation is one of the world leaders.

The fashion giant has also collaborated with Poolsuite to launch its flagship store. It notes, “Ralph Lauren will collaborate with Poolsuite, a web3 community deeply rooted in the Miami lifestyle and aimed at building the future of internet entertainment, to unveil a multi-level partnership, engaging a new audience.”

In addition to enabling crypto payments, the company will allow all current members of the Poolsuite community to participate in a special event through the co-designed Ralph Lauren x Poolsuite NFT. Many companies use NFTs in their incentive programs. For example, Starbucks unveiled its first collection of 2,000 limited-edition digital “stamps,” non-fungible tokens on March 10.

Meanwhile, Ralph Lauren’s fiscal 23 third quarter results were strong, with reported sales up 1% to $1.8 billion. The third quarter of its fiscal year 2023 posted net income of $216 million. The company had $1.7 billion in cash and short-term investments at the end of the quarter.

Crypto payments are common

According to its website, BitPay has partnered with over 250 companies and stores to enable crypto payments. Other names include American theater company AMC Theatres, high-end merchandise store Jomashop, e-commerce retailer Newegg, and more.

Zebedee, an entertainment and payment company, also recently unveiled an instant payment feature using the Bitcoin Lightning Network. Burger King introduced Instpower food bank rental kiosks with crypto payment options at the fast food chain’s venues in Paris. The global fast-food juggernaut has partnered with Alchemy Pay and Binance Pay, two cryptocurrency payment systems, to integrate them into the machines.

According to January data from Tracxn, there are 615 crypto payment companies in the world.

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In accordance with the guidelines of the Trust Project, BeInCrypto is committed to providing impartial and transparent reports. This news article aims to provide accurate and timely information. However, readers are urged to independently fact-check and seek professional advice before making any decisions based on this content.

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