Luxury

Gucci becomes first major brand to accept crypto coin as payment


Gucci becomes first major brand to accept crypto coin as payment

High-end Italian fashion giant Gucci has become the first major brand to start accepting payments in the form of the Bored Ape Yacht Club-affiliated ApeCoin (APE).

The move was announced last week and could provide the ApeCoin project with significant mainstream exposure, besides bringing much-needed further utility to the barely five-month-old cryptocurrency.

The move towards crypto by Gucci comes despite the ongoing crypto bear market, wherein all major crypto coins like bitcoin, Ethereum, dogecoin etc. have bled red heavily.

But this is not Gucci’s first step in the crypto and NFT market. In February 2022, Gucci kicked things off with the “SuperGucci” NFT collection in collaboration with vinyl toy brand Superplastic. The following month, Gucci rolled out the “Gucci Grail” NFT collection targeted toward owners of top NFT projects such as the BAYC.

As of now, Gucci will accept ApeCoin in US stores and plans to expand that reach across the rest of its North American presence. Apecoin’s price has soared from nearly $6 on August 2 to $7.4 on August 9.





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