Home Technology Gucci’s crypto payment options are set to explode in the US – WWD

Gucci’s crypto payment options are set to explode in the US – WWD

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Gucci’s crypto payment options are set to explode in the US – WWD

Gucci started accepting cryptocurrency in a few US stores in May, and now everything is moving in the direction of blockchain-based payments.

While BitPay – the crypto payment platform chosen by the Italian luxury house – on Tuesday announced new support for two other coins, ApeCoin and Euro Coin, Gucci became the first major brand to accept any of these options through the platform.

With the addition of ApeCoin, its customer base will have a dozen options for paying for goods with tokenized digital cash, completing a range that includes Bitcoin, Bitcoin Cash, Ethereum, Wrapped Bitcoin, Litecoin, Dogecoin, Shiba Inu and 5 USD- pegged stablecoins (GUSD, USDC, USDP, DAI and BUSD).

The Italian luxury brand dipped its toes into crypto with just five stores initially, but saw fit to expand support. Today, more than two-thirds of Gucci’s US-based stores accept alternative payments, representing 70% of its entire network operated directly in that market. However, the rest won’t be left out for long: the company plans to make these locations crypto-ready by this week, amounting to full support for its own US retail operations. United.

According to Stephen Pair, Managing Director of BitPay, the platform was simply responding to demand. “We added ApeCoin and Euro Coin because customers of our luxury merchant partners requested it,” he said in a statement.

ApeCoin is a token from the well-known Bored Ape Yacht Club NFT Collection, a subsidiary of Yuga Labs. Bored Ape Yacht Club is highly sought after by celebrities and other high net worth individuals, and ApeCoin will be the main token used in the Ape ecosystem, Web3 games, experiences and communities. ApeCoin holders can shop at BitPay merchants – which include premium brands and retailers, as well as popular services like UberEats and DoorDash – exchange the tokens for cash with a BitPay card, redeem- them or just keep them.

The volatile world of crypto investments is an adventure sport in itself, with thrilling mood swings. Bitcoin and Ethereum, for example, are bouncing back vigorously after a major crash in June that triggered nerves. But the fascination with blockchain-based currency lives on, and its die-hard fanbase remains unwavering.

As for Gucci, the logical assumption is that it must respond to its customers. After all, if BitPay’s Pair is right, demand must increase among luxury consumers. But that scenario is not a given, and the company declined a request for comment from WWD, so it’s unclear how many of its customers actually use Bitcoin or Dogecoin.

Another possibility, perhaps more likely, is that its adoption of crypto allows the brand to respond to future initiatives.

The tech and fashion worlds seem obsessed with the notion of mix brick and mortar stores with the virtual world and digital products. If Gucci – which has been active in digital collectibles, wearable avatars and NFTs, as well as partnerships with virtual worlds like Roblox and The Sandbox – wanted to connect or even integrate metaverse Web 3.0 experiences and transactions in its brick-and-mortar stores, preparing every store in a high-value marketplace to accept crypto is a great place to start.

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