Gucci, an Italian high-end luxury fashion house based in Florence, Italy, is expanding its reach to the crypto community. The brand will begin accepting cryptocurrency payments in selected five US stores at the end of this month, with plans to expand the trial to all of its directly managed North American stores by the summer. The move represents a significant confirmation for the currency from a leading global brand.
Gucci will accept Bitcoin, Bitcoin Cash, Ethereum, wrapped Bitcoin, Litecoin, Shiba Inu, and five stablecoins tied to the US dollar as payment. Dogecoin, a “meme” cryptocurrency that was designed as a joke, will also be accepted.
In-store crypto payments will be done by using a link provided to the consumer through email, which contains a QR code that allows them to execute the payment from their crypto wallet.
According to Vogue, the first Gucci shops to accept crypto will be on Wooster Street in New York, Rodeo Drive in Los Angeles, Miami Design District, Phipps Plaza in Atlanta, and The Shops at Crystals in Las Vegas.
Gucci’s president and CEO, Marco Bizzarri, stated that:
“Gucci is always looking to embrace new technologies when they can provide an enhanced experience for our customers.”
And further went on to say that:
“Now that we are able to integrate cryptocurrencies within our payment system, it is a natural evolution for those customers who would like to have this option available to them.”
This is not Gucci’s first venture into cryptocurrency. Last May, the legendary brand introduced its first non-fungible token, which was inspired by the Aria collection. The artefact eventually sold for $25,000 at a Christie’s auction.
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