Gucci now accepts Bored Ape Yacht Club-affiliated crypto ApeCoin as in-store payment

Gucci has become the first major brand to accept in-store payments of ApeCoin, the Bored Ape Yacht Club-affiliated cryptocurrency.

Customers of the high-end Italian fashion titan in America can now pay with Ape via the payment infrastructure provided by BitPay, which has also helped AMC accept digital currency payments in the past.

The move is expected to help the coin gain broader exposure and enhance the utility of the crypto, Coin Telegraph said.

Gucci, owned by French multinational Kering SA, ventured into the world of digital assets in February with the ‘SUPERGUCCI’ non-fungible token (NFTs) collection in collaboration with toy brand Superplastic.

In March, the high-end retailer unveiled the ‘Gucci Grail’ NFT collection targeted at owners of top NFT projects.

Two months after that, the company revealed it would be accepting 12 different cryptocurrencies as payment methods across North America’s 111 stores.

These were bitcoin, bitcoin cash, ethereum, wrapped bitcoin, litecoin, shiba inu, dogecoin and five US dollar stablecoins.

The 31st most popular crypto by market value, according to Coin Market Cap, jumped 14.0% to US$7.28 on the news.

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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’s Crypto Payment Options Set to Explode in U.S.

Gucci began accepting cryptocurrency in a few U.S. stores in May, and now it’s going all-in on the blockchain-based payments.

As BitPay — the Italian luxury house’s chosen crypto payments platform — announced new support for two more coins on Tuesday, ApeCoin and Euro Coin, Gucci stepped up as the first major brand to accept one of these options through the platform.

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With the addition of ApeCoin, its clientele will have a dozen or so options to pay for goods with tokenized digital money, rounding out a lineup 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 toe in crypto with just five stores initially, but saw fit to expand support. Today, more than two-thirds of Gucci’s U.S.-based stores accept the alternative payments, representing 70 percent of its full, directly operated network in this market. The remaining ones won’t be left out of the loop for long, though: The company plans to make those locations crypto-ready by this week, amounting to full support across its own U.S. retail operation.

According to Stephen Pair, BitPay’s chief executive officer, the platform was simply responding to demand. “We added ApeCoin and Euro Coin because customers of our luxury merchant partners asked for it,” he said in a statement.

ApeCoin is a token of 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, Web3 games, experiences and communities. ApeCoin holders can shop with BitPay merchants — which include premium brands and retailers, as well as popular services like UberEats and DoorDash — turn

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Gucci and TAG Heuer Are Now Accepting ApeCoin at Boutiques Across the US

Gucci is going bananas for ApeCoin.

The Italian fashion house will now accept Bored Ape Yacht Club’s token ApeCoin (APE) for all in-store purchases in select boutiques across the US, according to a tweet shared on Tuesday. Gucci actually started accepting a range of cryptocurrencies back in May, including Bitcoin, Ethereum, Dogecoin and Shiba Inu, but it is the first luxury brand to embrace ApeCoin as a form of payment.

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It seems it won’t be the last, though. Following Gucci’s tweet, TAG Heuer tweeted it too was welcoming the ape. Not only has the Swiss watchmaker integrated Bored Ape’s NFTs into the design of its Calibre E4, but it will also now allow clients in the US to buy watches using APE.

The payments are made possible through partnerships with BitPay. It’s a payment processor that enables businesses to accept cryptocurrency as payment. “We added ApeCoin and Euro Coin because customers of our luxury merchant partners asked for it,” BitPay CEO Stephen Pair said in a statement. “They asked, and we delivered.”

Quite the Web3 pioneer, Gucci has already launched Gucci Town in the Metaverse and worked with SuperRare on an NFT collection. It’s not alone, however. Tiffany & Co., Balenciaga, Lamborghini and Rémy Martin are all using NFTs in various projects. Avenue Foch even sold the world’s most expensive bottle of Champagne with an NFT attached to it. More restaurants and wineries are accepting cryptocurrencies. You can even buy a penthouse or a yacht with bitcoin.

Gucci is the first major brand to accept ApeCoin as payment. - Credit: NurPhoto / GettyImages

Gucci is the first major brand to accept ApeCoin as payment. – Credit: NurPhoto / GettyImages

NurPhoto / GettyImages

Despite the hype of crypto, it seems most people may not actually be using it. A report from the Federal Reserve released in May stated that

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