162-year-old Swiss luxury watchmaker TAG Heuer is now accepting $SHIB, $DOGE, and ten other cryptoassets for payments on its U.S. website.
TAG Heuer S.A. “designs, manufactures and markets watches and fashion accessories, as well as eyewear and mobile phones manufactured under license by other companies and carrying the TAG Heuer brand name. The Swiss firm “began as Uhrenmanufaktur Heuer AG, founded in 1860 by Edouard Heuer in St-Imier, Switzerland.” In 1985, TAG Group acquired “a majority stake in the company, forming TAG Heuer, and in 1999, French luxury goods conglomerate LVMH bought nearly 100 percent of the Swiss company. The name comes from the combination of the initials of “Techniques d’Avant Garde” and the founder’s surname.
TAG Heuer is able to accept crypto thanks to becoming a client of crypto payment processor BitPay, which sent out the following tweet earlier today:
We are excited to announce luxury watchmaker @TAGHeuer now accepts 12 different #cryptocurrencies including #Bitcoin and #Ethereum through our specialized payment service. Read more: https://t.co/ftB5cLueF7#crypto #tagheuer #bitpay @wwd pic.twitter.com/hp4BaItcnH— BitPay (@BitPay) May 23, 2022
BitPay, which is headquartered in Atlanta, Georgia, was founded in May 2011 by Tony Gallippi and Stephen Pair. The goal was “to make it easy for businesses to accept bitcoin payments,” and by September 2013, over 10,000 merchants were accepting Bitcoin (BTC) with the help of BitPay. Currently, the company claims to be “the largest bitcoin payment processor in the world, serving businesses on 6 continents.” Amongst its backers are Index Ventures, Founders Fund, and Felicis Ventures.
The other 10 cryptoassets that BitPay merchants can accept are Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), Wrapped Bitcoin (WBTC), and five USD-pegged stable coins (BUSD, DAI, GUSD, USDP, and USDC).
According to a report by The Block, Frédéric Arnault, CEO of TAG Heuer, said in a statement:
“We have been following cryptocurrency developments very closely ever since Bitcoin first started trading. As an avant-garde watchmaker with an innovative spirit, we knew TAG Heuer would adopt what promises to be a globally integrated technology in the near future despite the fluctuations— one that will deeply transform our industry and beyond.“