Gucci now accepts payments in crypto coin Photograph:( Reuters )
Gucci becomes the first major brand to accept crypto coin as payment.
The well-known Italian fashion label Gucci tweeted that some of its U.S. retail locations will now take ApeCoin as payment. One of the most well-known digital currencies is called ApeCoin by the Bored Ape Yacht Club.
Select Gucci boutiques in the USA are now taking @ApeCoin payments via @BitPay. This is another step in the House’s research of Web3, which was announced on Twitter on August 2 by the high-end fashion label.
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The first retailer to accept ApeCoin (APE) payments using BitPay is Gucci. The largest cryptocurrency and Bitcoin payment service provider in the world is BitPay. With this action, BitPay is increasing the number of supported crypto assets that it currently takes for payment in its US locations.
Customers can buy, store, swap, and spend ApeCoin (APE) and Euro Coin via the BitPay Wallet app (EUROC). Apart from Gucci, businesses that use BitPay can now accept payments made using ApeCoin and Euro Coin from any cryptocurrency wallet.
Now accepting @ApeCoin payments via @BitPay, select Gucci boutiques in the USA expand the range ofcryptocurrencies available for in-store purchases, yet another step in the House’s exploration of Web3.
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The CEO of BitPay, Stephen Pair, stated in a statement, “Because our luxury merchant partners’ clients requested it, we introduced ApeCoin and Euro Coin. We gave them what they requested.”
ApeCoin further added to the frenzy after Gucci made its announcement by tweeting, “Excited to announce that @Gucci will become the first big brand to allow customers to pay for items in-store using ApeCoin, via @BitPay.”
Gucci’s cryptocurrency activities appear to have received great approval thus far from the BAYC community. The first person to purchase Gucci goods using ETH at the brand’s Wooster Street location in New York City, according to Twitter user @NBATopShotEast and ApeCoin user @NBATopShotEast, who also claims to be the first APE user.
Gucci has previously entered the Web3 market. The fashion house created an NFT film for its Aria clothing line, which was auctioned off at Christie’s Proof of Sovereignty event in 2021 for $25,000. In March 2022, it unveiled its own line, 10KTF: Gucci Grail Mint Pass.
It gave users the option to customise their NFT profile images or PFP costumes using 11 of the most well-liked NFT projects at the time. Prior to ApeCoin, 111 North American Gucci locations accepted 12 different cryptocurrencies as payment options. They include five stablecoins that are pegged to the US dollar, Bitcoin Cash, Bitcoin, Ethereum, Wrapped Bitcoin, Litecoin, Shiba Inu, and Dogecoin.
As a result of this news, the price of the latest Bored Ape Yacht Club NFT collection has risen.
ApeCoin is currently trading above a crucial support level despite the cryptocurrency market’s developing sour mood. Experts estimate that ApeCoin’s market value would rise by 50%. With its own tweet, TAG Heuer followed Gucci in expressing support for payments made with the APE token.
The NFTs from Bored Ape have already been incorporated into the Calibre E4 design by the Swiss watchmaker. Customers in the United States will now be able to purchase watches using APE.
(With inputs from Forbes India)
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