Gucci has become the high end brand to accept payments in the form of the Bored Ape Yacht Club-affiliated ApeCoin. The move could provide the ApeCoin project with significant mainstream exposure along with bringing further utility to the cryptocurrency.
Gucci customers in the US will now be able to purchase items in-store with APE, while the payment infrastructure will be provided by BitPay, a firm that has helped big names such as AMC Theaters accept crypto payments in the past.
Despite the ongoing crypto bear market, the fashion brand has taken a serious plunge into the crypto sector this year. In February, Gucci kicked things off with the “SUPERGUCCI” NFT collection in collaboration with vinyl toy brand SUPERPLASTIC.
In May, the firm then went on to announce plans to accept 12 crypto assets as payment methods across 111 stores in North America. The list included Bitcoin, Bitcoin Cash, Ether, Wrapped Bitcoin, Litecoin , Shiba Inu , Dogecoin , and five U.S. dollar stablecoins.
APE was launched following much anticipation earlier this year in March. It’s accompanying decentralized autonomous organization 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.
