Gucci, one of the world's premier fashion brands, has added a new option for purchase at select stores in the United States. Apecoin, Bored Ape Yacht Club's official coin, can be used to pay for Gucci apparel via BitPay. This marks a major step in the expansion of Web3 within the fashion space.
Gucci Now Accepts ApeCoin as a Form of Payment
Recently, cryptocurrency has folded itself into the fabric of modern-day life by giving users the ability to use it for physical purchases. For example, Chipotle allows customers to buy Mexican food with 98 different types of cryptocurrency including Bitcoin, Ethereum and Solana. While skeptics continue to criticize the practical use of cryptocurrency in the bear market, major corporations continue to implement it into their businesses.
In May, Gucci announced that they would accept cryptocurrency in select locations. Now, only three months after the announcement, the luxury fashion staple is going off the beaten bath by enabling customers to use ApeCoin as currency.
BitPay was a platform created in 2011 whose goal was to provide customers an opportunity to "buy, store, swap and spend cryptocurrency all in one app," according to their website. Using this platform, cryptocurrencies can be transferred in a variety of ways in a secure manner. Gucci is evidently confident that BitPay is the best technology for in-store purchases with ApeCoin.
Before the recent BitPay announcement, Gucci store-goers paid with cryptocurrency in a slightly more cumbersome manner. They would have to use their email to receive a link used to purchase goods with cryptocurrency. The specified link would have a QR code attached, allowing customers to make payments attached to their crypto wallet.
Now, BitPay enables Gucci customers to simply use the BitPay Mastercard debit card, that's already connected to their crypto wallet containing ApeCoin.
We have just arrived at the intersection of using cryptocurrency to make purchases from companies that are household names. The good news is that it seems we are at the inception of this road, as more well known flashy brands invest in crypto in some form. There will surely be plenty more developments similar to this to come over time.