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Philipp Plein predicts that crypto payments could potentially generate more than $21 million in revenue for his company this year
Popular and renowned fashion designer Philipp Plein expected that his company’s more clients and customers would use the crypto payments option and use cryptocurrency while purchasing the company’s products this year. He forecasted the revenue of the firm for 2022, generated in digital assets, could be between $15.8 million to $21 million.
The fashion company Philipp Plein International AG took a forward leap towards the crypto world in 2021 and enabled crypto payments option for its customers to pay for shoes, clothes, and other products and added support of 15 cryptocurrencies for this, including top digital assets like Bitcoin (BTC) and Ethereum (ETH).
In a recent interview, the firm’s founder, Philipp Plein, revealed that these settlements accounted for about 3% of the overall revenue of the organization’s $105 million of the year. Plein believed that these figures would increase this year and envisioned going up to $21 million worth of payments generated in crypto by the end of this year. He said that the company saw that there was a big audience inside the crypto community, so they gained a lot of new clients through this approach.
The German designer is known to be a straightforward supporter of the crypto class and himself a crypto HODLer. Plein owns about 170 bitcoin (BTC) worth about $6.6 million if converted according to the current price. Last summer, He said that he believes in the crypto’s future, which raises hopes it could further generate profits for his firm and create more opportunities for its clients.
Another major fashion industry brand PacSun to accept digital assets payments in 2021. The American fashion brand collaborated with BitPay to allow payment settlements with Bitcoin (BTC), Ether (ETH), Wrapped Bitcoin (WBTC), Bitcoin Cash (BCH), Dogecoin (DOGE), Litecoin (LTC), and five major US dollar-pegged stablecoins. While commenting on this move, Brieane Olson, Pacsun’s president, said that with digital sales doubling since 2021, the company understands the importance of creating an online shopping experience that is exceptional for its customers.
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Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
