The cryptocurrency, which is based on the blockchain technology, is seeing a lot of interest in the fashion world.
According to a survey conducted by fashion company Lululemon, nearly 40% of the world’s fashion companies surveyed said they plan to invest in cryptocurrencies in the next year.
In addition to Lulules, fashion giant Dolce & Gabbana and clothing retailer Zara have also announced plans to use cryptocurrency in the coming years.
Lululemons chief executive officer Alex Moritz told the German newspaper WirtschaftsWoche on Thursday that fashion companies are looking to incorporate the cryptocurrency into their products.
He said that in addition to offering a better experience to consumers, fashion companies can also offer their consumers better returns and better customer service.
“We think that in the future, we will see more brands start using the blockchain to deliver the best experience to their customers,” he said.
“In this way, they will become the first customers in the world who can experience the world of fashion and know the products and the fashion inside and out.”
In September, the Swiss-based fashion chain Lulula revealed it had plans to introduce cryptocurrency payments into its stores.
In November, the luxury fashion retailer L’Oreal said it was working with several major fashion brands to integrate cryptocurrencies into their existing supply chains.