Brands accepting Bitcoin and Ethereum as payments are on a rise. My Gemma, a New York-based luxury resale site, is the first in the industry to accept cryptocurrency as a form of payment.
My Gemma has become the first luxury resale platform to accept cryptocurrencies such as Bitcoin and Ethereum as payments for its designer jewelry, watches, bags, and so on.
According to an announcement, this move is important to help expand the company’s client base to onboard crypto users who have been finding ways to spend their cryptocurrencies.
According to Andrew Brown, the CEO of mygemma, the luxury resale platform aims at sustainability, and also the focus of the company is to give the products an extended life.
“So naturally we continue to listen to our customers and adopt new movements ahead of the curve. Crypto users are among the many constituents of luxury consumers. We want to cater to this growing consumer base as cryptocurrency becomes more mainstream,” Brown stated.
There’s been a growing demand for luxury brands to accept cryptocurrencies as payments, due to the popularity of cryptocurrencies.
Hublot, a top luxury brand has also keyed into this idea as they have added cryptocurrencies to their method of payments.
Firms that have refused or declined to accept cryptocurrency as payments lose many of their customers to their competitors, who have already adopted cryptocurrency as a mode of payment.
As Hublot accepts cryptocurrencies as payment methods, mygemma is optimistic about joining the popular wristwatch developer.