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
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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).

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.

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Yogita Khatri profile picture Yogita Khatri

Yogita Khatri is a senior reporter at The Block and the author of The Funding newsletter. As our longest-serving editorial member, Yogita has been instrumental in breaking numerous stories, exclusives and scoops. With over 3,000 articles to her name, Yogita is The Block's most-published and most-read author of all time. Before joining The Block, Yogita wrote for CoinDesk and The Economic Times. You can reach her at [email protected] or follow her latest updates on X at @Yogita_Khatri5.

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