Fashion Giant Gucci to Start Receiving Payment in Crypto, accepting bitcoin, bitcoin cash, ethereum, dogecoin, litecoin and shiba inu

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High-end Italian fashion giant Gucci has become the first major brand to start accepting payments in the form of the Bored Ape Yacht Club-affiliated ApeCoin (APE).

The move was announced last week and could provide the ApeCoin project with significant mainstream exposure, besides bringing much-needed further utility to the barely five-month-old cryptocurrency.

The move towards crypto by Gucci comes despite the ongoing crypto bear market, wherein all major crypto coins like bitcoin, Ethereum, dogecoin, etc. have bled red heavily.

But this is not Gucci’s first step in the crypto and NFT market. In February 2022, Gucci kicked things off with the “SuperGucci” NFT collection in collaboration with vinyl toy brand Superplastic. The following month, Gucci rolled out the “Gucci Grail” NFT collection targeted toward owners of top NFT projects such as the BASIC.

As of now, Gucci will accept ApeCoin in US stores and plans to expand that reach across the rest of its North American presence. Apecoin’s price has soared from nearly $6 on August 2 to $7.4 on August 9.

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-Harsh Chokshi

Italian luxury brand Gucci will accept crypto payments across five flagship stores in the US by the end of the month and aims to expand the pilot to include all of its directly-operated stores in North America by this summer. Gucci will accept payments in more than 10 different coins, including popular cryptoassets like bitcoin (BTC), ethereum (ETH), bitcoin cash (BCH), wrapped bitcoin (wBTC), litecoin (LTC), popular meme coins shiba inu (SHIB) and dogecoin (DOGE), and several US dollar-pegged stablecoins, according to a report by Vogue Business. The report detailed that a link will be sent via email to customers for in-store crypto payments, with the link containing a QR code that will allow users to execute the payment from their crypto wallet. Gucci will convert the crypto into fiat currency after the payment is processed. Wooster Street in New York, Rodeo Drive in Los Angeles, Miami Design District, Phipps Plaza in Atlanta, and The Shops at Crystals in Las Vegas are the first five Gucci stores that will adopt the crypto payment mechanism, per the report.“Gucci is always looking to embrace new technologies when they can provide an enhanced experience for our customers,” Marco Bizzarri, Gucci’s president and CEO, said in a statement, adding:“Now that we are able to integrate cryptocurrencies within our payment system, it is a natural evolution for those customers who would like to have this option available to them.”Gucci has been among the few brands that have been establishing themselves as early adopters of Web 3 technologies. The luxury brand has launched two non-fungible token (NFT) collections so far in 2022. In February, it launched the “SUPERGUCCI” collection, and later in March, it released its “Gucci Grail” collection. The brand also purchased an undisclosed amount of virtual land in The Sandbox (SAND) metaverse in February to create its “own virtual world.”And just recently, Gucci shared via its Gucci Vault Discord server that those who own one of its two NFT projects would have special access to pre-order a Gucci collection, a move that ties Gucci NFT holders to real-world products. Learn more:- ‘Anything is Possible in Metaverse’: Decentraland’s Fashion Week Attracts 60+ Designers, Brands & Artists- 232 Wikipedia Users Force the Online Encyclopedia to Ditch Bitcoin, Ethereum, and BCH Donation Options- Robinhood Opens Crypto Wallets to 2M Clients, Bets on Global Bitcoin Remittances- Lightning Network Adoption at Exchanges is Growing: This is Why It’s Good for Bitcoin- More Big-hitting South Korean Non-crypto Firms Eyeing Token Launches- Chinese Man Uses Digital Yuan to Pay Court-issued Fine in Legal First

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