The Swiss brand Hublot, which belongs to LVMH, the French luxury goods conglomerate, has issued a limited edition watch that can only be purchased in bitcoin. Selling for around $25,000 USD, it is believed to be the first time that a luxury product has been created exclusively for the cryptocurrency world.
“Hublot is celebrating ten years since the creation of bitcoin with the launch of the limited edition watch Big Bang Meca-10 P2P, available exclusively online with bitcoins and also with the transaction number engraved on the edge of the bezel, which It makes each piece unique,” said a company statement.
Bloomberg News reports the CEO of the company, Ricardo Guadalupe, said the initiative is aligned with the company strategy of targeting young consumers, such as the sister brand TAG Heure that created a $1,500 USD smart watch.
“We can do something different,” said Guadalupe, adding that Hublot has been able to attract new customers in this way. “We will have the possibility to buy all our clocks with cryptocurrencies in the future at the end of next year, after offering a second exclusive series”.
Hublot is partnering with Hong Kong-based Octagon Strategy Ltd., a digital asset brokering firm, which will conduct background and anti-money laundering checks and manage payment services. Orders have already surpassed the limited run of 210 pieces , said Octagon CEO Wayne Trench. Clients whose applications have been accepted will receive a purchase agreement on a pre-determined date, with deliveries starting in January.
“This is the kind of dynamism and innovation that our partners in Asia enjoy,” said Trench. “It is a visionary approach that fully corresponds to Hublot’s vision, and through its partnership with OSL, this first P2P watch allows us to continue exploring future avenues.”
This story was originally published in Spanish at Cripto247