Tag: yacht club

Gucci expands crypto payment options to ApeCoin, Euro Coin

This audio is auto-generated. Please let us know if you have feedback.

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

… Read the rest

Read More

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.

More from WWD

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

… Read the rest

Read More

Gucci Goes APE: Luxury Brand Adds Bored Ape Yacht Club Token as Payment Option

In brief

  • Luxury fashion brand Gucci will accept ApeCoin (APE) at select U.S. stores.
  • The firm accepts other top crypto coins and has also collaborated on NFT and metaverse game projects.

Got a stash of ApeCoin (APE), the Ethereum-based token of the expanding Bored Ape Yacht Club ecosystem? Now you can spend it at luxury fashion brand Gucci, which today announced that select U.S. stores will accept it as payment alongside other coins.

Gucci’s expanding crypto payments support comes via a partnership with BitPay, which was revealed in May. Today, BitPay announced that it has added ApeCoin and Euro Coin (EUROC) to its platform, with Gucci the first retailer to bring ApeCoin support to certain U.S. boutiques.

It’s “yet another step in the House’s exploration of Web3,” Gucci tweeted this morning. The brand did not immediately respond to a request for comment from Decrypt about why it added ApeCoin, as well as how its crypto initiative has performed to date.

In May, Gucci revealed in an interview with Vogue Business that it would begin accepting top coins like Bitcoin, Ethereum, Dogecoin, Shiba Inu, and Litecoin at select stores. Payments are made by scanning a QR code with a crypto wallet via BitPay’s service.

The luxury brand has made other plays in the Web3 space this year, as well. In January, Gucci partnered with vinyl toy maker Superplastic to launch collaborative NFTs, and then revealed a Gucci Vault location that will be part of the Ethereum metaverse game, The Sandbox. The brand has collaborated with NFT art

… Read the rest

Read More

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