Louis Vuitton boss Bernard Arnault denies setting up a firm in Belgium to invest in crypto

Cryptocurrency • August 28, 2019, 9:10AM EDT
UPDATED: August 29, 2019, 12:34PM EDT
Vincent Isore/IP3/Getty Images

Bernard Arnault, chairman and CEO of luxury goods brand Louis Vuitton (LVMH), has denied media reports that he had set up a firm in Belgium to invest in cryptocurrencies.

Earlier today, Belgian newspaper De Tijd reported that Arnault, who is currently France’s richest man and the world’s fourth-richest man, has established Abesix Belgique in Brussels.

The report further said that the established firm will be engaged in trading of cryptocurrencies such as bitcoin (BTC), bitcoin cash (BCH), ether (ETH) and XRP, litecoin (LTC) and dogecoin (DOGE).

THE SCOOP

Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

However, later it updated the report saying, “after publication, this message was formally denied by Bernard Arnault.”

Arnault, however, has been pro blockchain. Earlier this year, his firm LVMH, which owns brands like Louis Vuitton and Christian Dior, launched a blockchain platform for tracking its high-end products.

TAGS
XRP

About Author

Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.

More by Yogita Khatri