From now on crypto payments up to a maximum of US$ 10,000 equivalent can be accepted by Tag Heuer through Bitpay as payment settlements towards sales of watches.
It has been officially announced by Tag Heuer that it has signed a partnership deal with crypto payment giant, Bitpay. The purpose of the partnership is to allow Tag Heuer to accept crypto payments through proper integration and adoption of crypto payment mechanism.
Tag Heuer is a globally famous Swiss brand of high quality luxury watches. It has produced some of the finest and intricately designed watches of the world. However, the signature watches of Tag Heuer are deeply rooted in the watch designs particularly designed on automobile racing and connected themes. Before the partnership, Tag Heuer was exclusively doing business, particularly all of its sales, on the basis of cash only. Now crypto payment system has been duly adopted by Tag Heuerspecifically for its business within US through its US based website only.
The news further revealed that only 12 types of cryptocurrencies shall be acceptable as payment settlements for which payment services shall be ensured by Bitpay. These cryptocurrencies will include apart from Bitcoin, digital currencies such as Shiba-Inu, Ethereum and Dogecoin amongst others. Within these digital currencies, 5 of them are stablecoins which are all pegged with the US Dollars.
Revelation of partnership was duly announced from the official Twitter handle of Tag Heuer. It was revealed in the tweet post that Tag Heuer has entered into a crypto payment partnership with the world’s biggest crypto payment app, BitPay. Tag Hueur remarked that adoption of crypto payment has opened an entirely new chapter in the company’s 150 plus years old history. It further told that the adoption is limited for US consumers only for the time being. However, crypto payment system shall be expanded one by one in due course of time.
On the other hand, BitPay has also confirmed its new partnership with the Swiss luxury watch making company. The company said that its services have been obtained by Tag Heuer for ensuring smooth and effective crypto payment adoption. It also said that upto US$ 10,000 equivalent digital currency payments can be accepted for the time being. Under the partnership arrangement, BitPay will convert crypto payments into USD fiat and the converted funds shall be transferred to Tag Heuer.
While talking to media, Frederic Arnault, Tag Heuer’s global CEO, said that Tag Heuer was looking to adopt crypto payments for a very long time. He said that when Bitcoin was launched initially, it was then when his company considered adopting Bitcoin payment. However, the decision kept lingered on for one or the other reason until now. He further said that “Our watches highly speak of technology and craftsmanship and it was inevitable for us to adopt crypto at some point”.