ucci began accepting cryptocurrency in a few stores in the United States in May 2022. Now, approximately 70 percent of its full, directly operated stores accept the currency. The rest are not expected to be left out for long.
Gucci was the first brand to accept crypto, and this week was the first brand to accept ApeCoin. With the addition of ApeCoin, Gucci customers will have a dozen options to pay for goods with digital money; the brand now accepts Bitcoin
According to Stephen Pair, BitPay’s CEO, the platform was simply responding to demand. For example, they added ApeCoin in response to strong customer demand for the well-hyped Bored Ape Yacht Club NFT collection, a subsidiary of Yuga Labs. Bored Ape Yacht Club is widely sought after by celebrities and other wealthy individuals, and ApeCoin will be the main token used in the Ape ecosystem according to WWD’s Adriane Lee.
ApeCoin holders can shop at BitPay merchants – which include premium brands and retailers as well as popular services like UberEats and DoorDash
As for Gucci, the assumption is that it has added these cryptocurrencies to respond to its customers. That is certainly what BitPay’s Pair suggests; he believes that demand must increase among luxury consumers. But this scenario is not a given and it is not known how many customers have actually used Bitcoin or Dogecoin. Another possibility is that Gucci’s embrace of crypto is a strategic move that will position the brand to face future initiatives. After all, Gucci has been active in digital collectibles, avatars and NFTs in the past. The brand has also explored partnerships with virtual worlds such as Roblox and Sandbox.