Consumers can now buy, store, swap and spend both ApeCoin (APE) and Euro Coin (EUROC) within the BitPay Wallet app. Businesses using BitPay are also now able to accept ApeCoin and Euro Coin as payment methods from crypto wallets.
Gucci is building on its digital-first approach to business and will accept ApeCoin (APE) through BitPay, expanding the number of supported cryptocurrencies that it accepts for payment in its US stores. 70% of Gucci’s full directly operated network in the US already accepts payment in 10 different cryptocurrencies, with the remaining stores to be ready by August.
Expanding the world of crypto
BitPay added ApeCoin and Euro Coin, as luxury merchant partners asked for it. 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 Web3.0 games, experiences, and communities.
Apart from spending with BitPay merchants, APE holders can turn ApeCoin into cash with the BitPay Card or buy gift cards for different brands and retailers. BitPay app users can also buy, store and swap APE.
Euro Coin (EUROC) is a euro-backed ERC-20 stablecoin issued by Circle under the same full-reserve model as USD Coin (USDC). It provides instant access to EUR across borders. Businesses can accept Euro Coin payments from customers around the world as well as make payments to employees and vendors. Individuals can use the Euro Coin (EUROC) to shop with BitPay merchants, send EUR to friends and family, and also explore DeFi and Web3.0.
In addition to ApeCoin (APE) and Euro Coin (EUROC), BitPay supports 13 other cryptocurrencies including Bitcoin (BTC), Bitcoin on the Lightning Network, Bitcoin Cash (BCH), Dogecoin (DOGE), Ethereum (ETH), Litecoin (LTC), Shiba Inu (SHIB), Wrapped Bitcoin (WBTC), XRP (XRP), as well as five USD-pegged stable coins: BUSD, DAI, GUSD, USDP, and USDC.
Gucci’s insurgence in the crypto world
Despite the ongoing negative trend in the crypto market, the fashion brand has taken an endeavour into the crypto sector in 2022. In February, Gucci launched 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.
In May, the firm announced it was going to accept 12 crypto assets as payment methods across 111 stores in North America. The list included Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), Wrapped Bitcoin (WBTC), Litecoin (LTC), Shiba Inu (SHIB), Dogecoin (DOGE), and five U.S. dollar stablecoins.
BAYC collectors seem to have shown strong support for Gucci’s crypto moves so far, with pseudonymous Twitter personality NBATopShotEast claiming to be the first person to pay for Gucci items in ETH at the brand’s Wooster Street location in New York City in July. Another two BAYC members claimed to be the second and third people to do so.
APE was launched following much anticipation from its community earlier in March 2022. Its accompanying decentralized autonomous organization (DAO) and governance community has since remained highly engaged and has overseen important decisions such as the vetoing of a proposal to port APE from Ethereum to a new blockchain in June.