Gucci expands crypto payment options to ApeCoin, Euro Coin

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Dive Brief:

  • Deepening its connection to the crypto economy, Gucci is accepting ApeCoin and Euro Coin as a form of payment via cryptocurrency processor BitPay, the brand announced via email to Retail Dive. The luxury retailer is the first merchant to start accepting ApeCoin as payment through BitPay.
  • BitPay has begun supporting ApeCoin and Euro Coin, enabling shoppers to buy, hold, trade and spend the two digital currencies from their crypto wallets. The platform currently supports 13 other cryptocurrencies, including Bitcoin, Dogecoin, Ethereum, Litecoin and Shiba Inu.
  • Gucci currently accepts 10 different cryptocurrencies at 70% of its own locations in the U.S., and it plans to roll out cryptocurrency acceptance at its remaining stores “by the first week of August,” according to the announcement.

Dive Insight:

The adoption of ApeCoin — the token for the Bored Ape Yacht Club non-fungible tokens collection — comes as brands dive further into cryptocurrency and NFTs. In addition to Gucci, Balenciaga, PacSun, Tag Heuer and Alo Yoga have each begun accepting cryptocurrencies.

“We added ApeCoin and Euro Coin because customers of our luxury merchant partners asked for it,” Stephen Pair, BitPay CEO, said in a statement. “They asked, and we delivered.”

Whether retailers’ experiments with the cryptocurrency industry will yield long-term gains remains to be seen. Brands and retailers like Tiffany, Lowe’s and American Eagle have also introduced NFT collections. But while GameStop in May announced the beta launch of its digital wallet for cryptocurrencies and NFTs, Ars Technica reported that the retailer’s NFT trading volume showed signs of slowing down.

And as Gucci and other brands begin accepting cryptocurrency for payments, research indicates

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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

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