Gucci is the First Major Luxury Brand to Accept ApeCoin (APE) Part of Bored Ape Yacht Club

Gucci has been a trailblazer in the world of luxury fashion since it was founded in 1921, and now the brand can add another first to its name: it is the first major fashion house to accept payment in digital currency.

Gucci will now be accepting Bored Ape Yacht Club-affiliated ApeCoin payments through BitPay at select stores in the US, making it the first major brand to do so. This is the latest in a series of crypto initiatives from Gucci and will provide the ApeCoin project with significant mainstream exposure along with bringing further utility to the APE token. BitPay, the platform used by Gucci to facilitate this feature, has also helped several other big players such as AMC Theatres with their crypto payment infrastructure needs.

It’s no secret that blockchain technology is one of the most exciting developments in years. Blockchain technology has the potential to disrupt many industries and change the way people think about money and exchange value. In this new era of decentralisation, blockchain offers various advantages and new opportunities for businesses and individuals globally. It has the potential to revolutionise the way governments, institutions and corporations work and engage with citizens. Companies in various sectors have already begun adopting blockchain and incorporating it into their operations. It is a rare privilege to live in an era when history is often being made around us and the world as we know it is changing at breakneck speed. While these changes may be confusing or even worrying for many – they are exciting for those that recognise their potential value.

Excited to announce that @Gucci will become the first major brand to allow customers to pay for purchases in-store with ApeCoin, via @BitPay. 🎉🎉🎉 https://t.co/ipoeW6lXLl

— ApeCoin (@apecoin) August 2, 2022

Gucci began things off in February with the “SUPERGUCCI” NFT collection created in association with the vinyl toy company SUPERPLASTIC. The owners of prestigious NFT projects like the BAYC were the target market for Gucci’s “Gucci Grail” NFT line, which was released the following month.

Later, the business disclosed that it would begin accepting 12 cryptocurrencies in May at 111 sites across North America. The list included five U.S. dollar stablecoins, Shiba Inu (SHIB), Dogecoin (DOGE), Wrapped Bitcoin (WBTC), Litecoin (LTC), Ether (ETH), Bitcoin Cash (BCH), and Wrapped Bitcoin.

“Gucci is always looking to embrace new technologies when they can provide an enhanced experience for our customers,” Marco Bizzarri, Gucci president and CEO, said in a statement to Vogue Business. “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.”

About Gucci

Founded in Florence in 1921, Gucci is one of the world’s leading luxury fashion brands. As the House marks its 100th Anniversary under the Creative Direction of Alessandro Michele, with Marco Bizzarri as President and Chief Executive, Gucci moves forward into the coming decades with an ongoing commitment in redefining luxury, while celebrating the creativity, innovation and Italian craftsmanship at the core of its values. Gucci is part of the global luxury group Kering, which manages the development of a series of renowned Maisons in fashion, leather goods, jewellery and watches. For further information about Gucci visit www.gucci.com.

About ApeCoin

ApeCoin (APE) is the native ERC-20 token of the Bored Ape Yacht Club NFT collection, a subsidiary of Yuga Labs. ApeCoin will be the primary token used across the Ape ecosystem, a world of Web3 games, experiences and communities. In addition to spending with BitPay merchants, APE holders can turn ApeCoin into cash instantly with the BitPay Card, plus buy gift cards for top brands and retailers. BitPay app users can also buy, store and swap APE seamlessly.

This space moves at the speed of lightning! Stay updated on the latest in the space by subscribing to the Web3 Wrap-Up newsletter for a weekly summary on what’s happening in Crypto & Web3. ✨