Gucci Leads In Crypto Transactions

G

Gucci began accepting cryptocurrency in a few stores in the United States in May of 2022. Now, about 70 percent of its full, directly operated stores accept the currency. The remaining are not expected to be left out for long.

Gucci was the first brand to accept crypto, and this week was the first brand to accept ApeCoin. With the addition of ApeCoin, Gucci clients will have a dozen options to pay for goods with digital money; the brand now accepts Bitcoin
BTC
, Bitcoin Cash
BCH
, Ether
ETH
eum, Wrapped Bitcoinbitcoin-wbtc/” data-type=”crypto”
WBTC
, Litecoin
LTC
, Dogecoi
DOGE
n, Shiba Inu
SHIB
, and 5 USD-pegged stable coins (GUSD
GUSD
, USDC
USDC
, USDP, DAI
DAI
and BUSD
BUSD
). The Italian luxury brand dipped its toe in crypto with just five stores initially, but saw fit to expand quickly to attract luxury customers.

According to Stephen Pair, BitPay’s CEO, the platform was simply responding to demand. For instance, they added ApeCoin in response to strong customer demand for the well-hyped Bored Ape Yacht Club NFT collection, a subsidiary of Yuga Labs. Bored Ape Yacht Club is much sought after by celebrities and other well-heeled individuals, and ApeCoin will be the main token used across the Ape ecosystem according to Adriane Lee of WWD.

ApeCoin holders can shop with BitPay merchants – which include premium brands and retailers as well as popular services like UberEats and DoorDash
DASH
. They just turn the tokens in for cash with a BitPay card, swap them, or simply hold them. The volatile world of crypto investments is an adventure sport unto itself and tends to be highly speculative with price values constantly changing. Bitcoin and Ethereum, for

Read the rest

Read More