American fashion giant Ralph Lauren will now accept sound money for clothing at a store in Florida.
Famous American fashion brand Ralph Lauren has partnered with BitPay to accept bitcoin payments at its new Miami Design District store. This will be the first retail store of the brand to accept bitcoin payments. Customers can pay for all of the brand’s distinctive styles directly from their preferred wallets. Refunds will also be provided in the same cryptocurrency used for purchase, while being equal to the total dollar amount of the product being returned.
An announcement made by BitPay describes how “Ralph Lauren, the brand that defines modern luxury and timeless style,” is providing “customers with new ways to engage with the brand and shop, including accepting cryptocurrency as a payment method.”
The city has been at the forefront of bitcoin adoption, with the Bitcoin 2021 conference taking place in Miami, Bitcoin 2022 taking place in Miami Beach, and Bitcoin 2023 set to return to Miami Beach as well.
Miami was also highlighted as one of the five best U.S. cities for Bitcoin enthusiasts, citing the industry events that take place there and the daily usage options for Bitcoin, which Ralph Lauren now contributes to.
In addition, Ibex Mercado, the bitcoin payments processing company, has onboarded 85 merchants in Miami following a merchant trial conducted at Bitcoin 2022. The options for bitcoin usage are only beginning to be recognized, as the decision to accept bitcoin by Ralph Lauren highlights.