Gucci begins accepting ApeCoin for payments

Gucci begins accepting ApeCoin for payments as part of its Web3 plans. This is the first time a major brand has started accepting ApeCoin as a payment option. However, it is Gucci’s 12th cryptocurrency that they are accepting as payments. They also accept popular coins like Bitcoin, Ethereum, Dogecoin, SHIB, Litcoin, Wrapped BTC, USDT, USDC more.

Gucci now accepts ApeCoin

The luxury brand announced on Monday that they would be accepting Apecoin as a payment medium. It is currently available only in the US as not all countries allow for crypto to be used as a payment medium. Gucci has partnered with Bitpay to enable the payment option. They are a crypto payment processing company that has partnered with many big names to enable the crypto payment option for their businesses.

Gucci begins accepting ApeCoin for payments

Image Source: Coincu

Gucci has become one of the few major brands that have been working with crypto quite proactively. They have launched their own NFT collection and have launched special collections for BAYC owners and fans. The company is making the most of the hype that is currently surrounding the crypto and NFT market.

Apecoin also tweeted about the same, saying that Gucci became the first major brand to enable Apecoin payments.

Reaction from Apecoin fans

Everyone is pretty stoked about this step as Apecoin is in itself a community-driven project. So, it doesn’t come as a surprise that Twitter is brimming with tweets talking about Gucci’s steps. Users have been calling out the fact that more companies are embracing the Web3 space, and it seems Gucci is ready as well.

Apecoin is doing well

After the initial hype of the project, the price of Apecoin took a hit. But there is no point in blaming as the crypto market was done as a whole. However, in the last month, as the market has gained some momentum and as Apecoin has seen some positive things happening, it has jumped by nearly 50%. It has a market cap of more than 42 billion and is currently trading above $6.5. However, Apecoin is still nearly 75% down from its ATH.

What are your thoughts as Gucci begins accepting ApeCoin for payments? And do you think this is a step in the right direction for Gucci’s web3 ventures? Let us know in the comments below. And, if you found our content informative, do like and share with your friends.

Also Read: Robinhood lays off 23% of its staff as the company fails to meet revenue goals in Q2.

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