Limited to 210 units, the special edition watch sets a new industry precedent as the first luxury product to be available for purchase only via digital currency
OSL, Asia’s leading digital asset brokerage, announced a partnership with Hublot, the Swiss luxury watchmaker, to offer a limited edition luxury watch to be purchased only using bitcoin (BTC). This marks the first time that a luxury product within the LVMH Group has been offered for sale exclusively using a digital asset.
The launch of the watch marks the tenth anniversary of the 2008 introduction of bitcoin as the world’s first decentralized digital asset. The watch will be limited to 210 pieces, reflecting the maximum amount of BTC that will ever be available in the market – there will be 21 million BTC tokens in circulation when fully mined.
Dave Chapman, Chairman and Co-founder of OSL, said: “OSL is excited to collaborate with Hublot and LVMH, an industry leader in the luxury world, to enable a digital asset industry first. As investors are increasingly looking to diversify their investment portfolio by adding digital assets with generally low correlations to traditional asset classes, we are committed to providing our clients with industry leading trading solutions to support their investment journey.”
The watch will be available for sale exclusively from Hublot with payment services via OSL’s digital asset trading services. Customers who do not already have an OSL account will be guided through an industry leading know-your-customer (KYC) compliance procedure as part of their onboarding experience. Qualified customers will receive a commitment letter confirming the purchase at a predetermined bitcoin strike date. Delivery of the watch is expected in January 2019.