With Plan B expanding to high fashion, customers can now access crypto payment options at their favourite fashion retail stores.
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The City of Lugano and Tether, a blockchain-enabled platform that powers the largest stablecoin by market capitalization (USD), announced today a collaboration with Guess to formally introduce Bitcoin, Tether, and LVGA payments to retail businesses in Lugano. Plan is a collaborative effort between the City of Lugano and Tether. Plan B is a joint initiative between the City of Lugano and Tether.
Today, as we explore the in-depth potential of Web3 and crypto through more and more collaborations with real-world enterprises, it can clearly be seen how crypto adoption in the fashion industry is also on the rise.
For instance, several major firms nowadays have incorporated crypto payment systems for their clients. Gucci accepting ApeCoin and Euro Coin through BitPay1, Balenciaga accepting Ethereum23 and Bitcoin, TAG Heuer allowing US customers to pay up to $10,000 in cryptocurrency1, and Philipp Plein partnering with Coinify, a crypto payments platform owned by Voyager Digital4 – the list is endless. Nonetheless, the acceptance and outcomes of crypto adoption are surely changing the payment solutions in global fashion businesses like never before.
Will This Feature Expand Cryptocurrency Adoption in Lugano?
The Guess boutique is centrally positioned, making it a perfect spot for both tourists and Lugano residents to begin experimenting with real-life digital assets. The shop will combine an innovative POS system with Bitcoin lightning network technology, allowing customers to purchase clothing and accessories from the new collections using the three virtual currencies involved and receive a 10% rebate in LVGA. In addition, the transaction commissions will be zero in the initial months after activation.
“In the 365 days since the launch of Plan,” said Paolo Ardoino, CTO of Tether, “Tether and the City of Lugano have carried out many initiatives with considerable success.” Now, Guess, a major fashion brand, has joined the list of companies now accepting cryptocurrency in Lugano, demonstrating that they have become the catalyst for genuine change. Considering this advanced feature and the crypto ease it brings for the customers, the crypto community is looking forward to witnessing the evolution of Lugano’s cryptocurrency acceptance and feels that it will be the model for others who choose to follow in its footsteps.
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