Gucci becomes the first major brand to accept Apecoin payments

Fashion brand Gucci has become the first major brand to accept payments in the mode of the bored ape yacht club-affiliated Apecoin, as reported by Cointelegraph.

Customers of Gucci in the US will now be able to make in-store purchases using APE, and BitPay, a company that has previously assisted companies like AMC Theaters to accept cryptocurrency payments, will be in charge of managing the payment infrastructure.

Gucci has taken a serious plunge into the crypto sector despite the ongoing crypto bear market. Earlier, in February, Gucci had rolled out “SUPERGUCCI” NFT collection collaborating with vinyl toy brand SUPERPLASTIC. The following month, Gucci rolled out NFT collection, “Gucci Grail” observing owners of the NFT projects. 

The company later announced plans to accept 12 cryptocurrencies in May across 111 locations in North America. The list featured Shiba Inu (SHIB), Dogecoin (DOGE), Wrapped Bitcoin (WBTC), Litecoin (LTC), Ether (ETH), Bitcoin Cash (BCH), Shiba Inu (SHIB), and five U.S. dollar stablecoins.

BAYC collectors appear to have supported Gucci’s cryptocurrency initiatives so far, with fictitious Twitter user NBATopShotEast claiming to have made the first Gucci purchase using ETH at the brand’s Wooster Street store in New York City in July. Two other BAYC members asserted that they were the second and third to do so.

After considerable anticipation, APE was released in March of this year. Since then, it has maintained a high level of engagement with its allied decentralised autonomous organisation (DAO) and governance community, which has presided over significant choices including the vetoing of a plan to move APE from Ethereum to a different blockchain in June.

The DAO approved a number of noteworthy motions last month, including researching the viability of holding an NFT conference and festival and allocating APE cash to the Bored Ape Gazette to enable it to operate as a 24-hour news site. In addition, the project is implementing APE staking in response to a significant community push.

Read Also: SuperCFO’s Bhairav Kothari on Decentralised Finance (DeFi) and its future in India

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