Gucci Becomes First Major Brand to Accept ApeCoin Payments in US

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by Kofi Ansah · 3 min read
Gucci Becomes First Major Brand to Accept ApeCoin Payments in US
Photo: Unsplash

The latest move has been lauded as a vital one for the ApeCoin project as it will provide it with significant exposure in the mainstream. The digital coin at press time was trading at $7.20, up over 11% in the past 24 hours. 

Gucci has announced that it is now accepting the bored ape yacht club-affiliated ApeCoin as payment for in-store purchases situated in the United States. The Italian high-end luxury fashion house made the announcement on August 2 via its official Twitter page, making it the first global major brand to accept payments in ApeCoin.

ApeCoin now becomes the latest name on an already long list of cryptocurrencies that Gucci accepts for the purchase of their products in their select boutiques in the US. Customers of Gucci in the United States can now make in-store purchases using APE BitPay.

“Now accepting ApeCoin payments via BitPay, select Gucci boutiques in the USA expand the range of cryptocurrencies available for in-store purchases, yet another step in the House’s exploration of Web3,” the fashion brand tweeted.

BitPay is an Atlanta-based bitcoin payment service company that has helped businesses like AMC Theaters accept cryptocurrency payments in the past, and will be in charge of overseeing the payment system.

The latest move has been lauded as a vital one for the ApeCoin project as it will provide it with significant exposure in the mainstream. The digital coin at press time was trading at $7.20, up over 11% in the past 24 hours.

ApeCoin is an ERC-20 governance and utility token which is used within the APE Ecosystem and was inspired by Yuga Labs’ Bored Ape Yacht Club project. The digital project is used for empowering and incentivizing a decentralized community that is building at the forefront of web3.

Gucci has remained very active in the crypto sector this year despite the current extreme volatility. The company rolled out its “SUPERGUCCI” NFT collection in February, which was a collaboration with SUPERPLASTIC, a vinyl toy brand.

The Italian brand followed it up with the launch of the “Gucci Grail” NFT collection the following month. Gucci’s “Gucci Grail” NFT collection was targeted toward owners of top NFT projects such as the BAYC.

The company again delved deep into the crypto pool and announced in May that it was planning to accept 12 crypto assets as payment methods across 111 stores in North America. The list included Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), Wrapped Bitcoin (WBTC), Litecoin (LTC), Shiba Inu (SHIB), Dogecoin (DOGE), and five US dollar stablecoins.

BAYC collectors appear to have supported Gucci’s cryptocurrency initiatives so far, with pseudonymous Twitter user NBATopShotEast claiming to have made the first Gucci purchase using ETH at the brand’s Wooster Street store in New York City in July.

After the latest announcement, the Twitter user once again plans to be the first person to use the ApeCoin for purchase in the Wooster Gucci store.

Altcoin News, Cryptocurrency news, News
Kofi Ansah
Author Kofi Ansah

Crypto fanatic, writer and researcher. Thinks that Blockchain is second to a digital camera on the list of greatest inventions.

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