Ralph Lauren Introduces Cryptocurrency Payments at New Miami Store


Test cryptocurrencies and NFTs

US luxury fashion brand Ralph Lauren announced on the 5th that it will accept cryptocurrency (virtual currency) payments at its new store in Miami. We will also implement an activation experience that utilizes NFTs (non-fungible tokens).

This is the first time the company has accepted cryptocurrencies as payment. The initiative was made possible through a partnership with cryptocurrency payment service provider BitPay.

The luxury store opened in Miami’s comprehensive commercial area “Design District” will sell Ralph Lauren luxury label “Men’s Purple” and “Women’s Collection”, as well as accessories such as handbags exclusive to the Miami store.

Customers at the new store will be able to purchase with 14 different cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Polygon (MATIC), Dogecoin (DOGE), and USDCoin (USDC).

New Ralph Lauren store in Miami

Ralph Lauren’s new store offers multiple experimental consumer experiences. An interactive digital screen will be installed to allow customers to view items available in North America, update their wish list and book styling appointments.

Published “Ralph Lauren x Poolsuite NFT” in collaboration with Internet radio station and Web3 platform “Poolsuite”. Give exclusive avatars to owners of Poolsuite’s “Grand Leisure” collection.

Ralph Lauren has positioned its new store in Miami as the focal point of promotions for the Web3 community, and the company plans to continue offering “a series of innovative and immersive moments.” The company’s chief innovation officer, David Lauren, said:

Test cryptocurrency in Miami, a Web3-friendly city, and start a partnership with Poolsuite, a very unique digital community. The store will be an opportunity to gather important insights as we continue to explore the crypto space. While we are in the early stages of our roadmap, we see exciting opportunities to build on our past touchpoints in the Metaverse to build digital goods and virtual experiences.

David added that Miami was chosen “because it is one of the most Web3-friendly cities in the world and has a vibrant community of startups, brands and luxury consumers.” He also hinted at the possibility of opening similar luxury stores in other cities in North America, Europe and Asia in the future.

The city of Miami has been actively promoting the adoption of cryptocurrencies. In November 2021, Miami Mayor Francis Suarez announced plans to create digital wallets and distribute bitcoins to residents, declaring that Miami would aim to become a “crypto capital.” He said he would receive his salary in Bitcoin.

connection:Miami mayor to receive 100% of salary in Bitcoin

In August 2010, the city of Miami launched its own virtual currency, Miami Coin, and decided to allocate the proceeds to the city’s development funds and distribution to residents. Miami Coin is run by the non-profit CityCoins and is issued on the Stax (STX) blockchain.

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