Gucci Finds Success After Launching Crypto Payments
Milestone Date: August 4, 2022
Since Gucci’s initial launch of its pilot program to accept cryptocurrency payments in just five of its stores, the luxury brand has seen success and found it fit to expand. Now, 70% of Gucci’s directly operated stores accept cryptocurrency for payments.
Gucci customers have welcomed the payments update, which allows them to make purchases with 13 different cryptocurrencies, including Bitcoin, Ethereum, Bitcoin Cash, Wrapped Bitcoin, Litecoin, Dogecoin, Shiba Inu, ApeCoin, and 5 USD-pegged stablecoins.
ApeCoin support was added in response to the demand of the Bored Ape Yacht Club (BAYC) NFT collection by Yuga Labs. ApeCoin is the main token used across their ecosystem. BAYC has attracted many celebrities, athletes, and artists to its collection. Recognizing this, Gucci has teamed up with Yuga Labs on a multi-year partnership that will include Gucci designing clothes for Yuga Labs projects.
By Elizabeth Morrison
Published:August 4, 2022
Forbes Digital Assets