Tag: bitcoin

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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Bitcoin and Ethereum trade sideways while ApeCoin goes bullish on Gucci announcement

The crypto markets opened fairly flat across the board today, adding 1.3% to bring total market capitalisation up to US$1.08tn.

Bitcoin edged slightly over the US$23,000 line, while Ethereum stayed close to US$1,650.

Ethereum scaling solution Optimism continued its strong rally with a 25% rise, while Binance’s US$49bn BNB coin was also among the biggest risers, adding 6.7%.

Following Bored Ape Yacht Club’s partnership announcement with Gucci, the NFT project’s native token ApeCoin enjoyed a 10% rally to bring its market capitalisation up to US$2.3bn.

Crypto.com’s US$3.7bn CRO token fell nearly 4% while privacy coin Monero and the Qtum network token were also among the biggest losers on Thursday morning.

Among the biggest gainers in the decentralised finance (DeFi) space were 1inch Network with 7.7%, Uniswap with 6.2% and staking platform Lido DAO with 11.5%.

However, total value locked across the wider DeFi space did suffer a 2% drop to US$88.4bn.

In the news

Another day, another crypto hack, this time directed at the China-based ZB centralised exchange, which labels itself “the world’s most secure digital asset exchange”.

Approximately US$4.8mln was purportedly stolen, according to blockchain security company Peckshied.

ZB has temporarily paused deposits and withdrawal “while we resolve the issue”.

MicroStrategy shares surged nearly 13% following former Chief executive Michael Saylor’s decision to step down from the position to focus on the company’s Bitcoin strategy as executive chairman.

Under Bitcoin evangelist Saylor, MicroStrategy became the largest corporate Bitcoin holder in the world, a decision which has proved polarising in the current bear market.

The Digital Commodities Consumer Protection Act bill introduced into the US House of Representatives on Wednesday by senators Debbie Stabenow and John Boozman has been met with approval within the crypto community.

If passed, the bill would enlarge the role of the Commodity

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Gucci Leads In Crypto Transactions

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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

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