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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