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Gucci Now Accepting Cryptocurrency Payments At Select US Stores

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Gucci

Gucci is now accepting cryptocurrency payments for its products at select U.S stores.

The Italian high-end luxury fashion house said it would now accept payments in cryptocurrency begin later this month.

The move comes as the company continues to explore Web 3.

It said it would start by accepting 12 cryptocurrencies including Bitcoin, Bitcoin Cash, Ethereum and Wrapped Bitcoin.

Others are Litecoin, Dogecoin Shiba Inu, as well as five stablecoins pegged to the US Dollar.

The select stores:

Gucci said it will accept cryptocurrency in five stores in the US later this month.

It said the first stores that will incorporate the new payment mode are – Wooster Street in New York, Rodeo Drive in Los Angeles, Miami Design District, Phipps Plaza in Atlanta, and The Shops at Crystals in Las Vegas.

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In a statement to Vogues, Marco Bizzarri, Gucci’s president and CEO, said thus:

“Gucci is always looking to embrace new technologies when they can provide an enhanced experience for our customers.

“Now that we are able to integrate cryptocurrencies within our payment system, it is a natural evolution for those customers who would like to have this option available to them.”

NFTs, Metaverse, and More:

Gucci’s tryst with Web 3 started with a 4-minute film titled Aria that sold for $25,000 last summer in an online auction hosted by a British auction house, Christie’s. The retailer also came up with two NFT collections – SuperGucci and Gucci Grail this year.

Further expanding into Web 3, Gucci recently purchased virtual land in Animoca Brands’ decentralized blockchain game The Sandbox for an undisclosed amount in February. It was developing a virtual concept store, dubbed “Gucci Vault,” for Gucci-themed NFTs.

Anthony Chinonso Ogbonna is the editor of Techuncode media. He is a seasoned journalist whose stint cuts across broadcast, print and, especially, the online media. A graduate of Mass Communication from the University of Nigeria, Nsukka (UNN), Anthony holds a Masters Degree in Multimedia Journalism. He aligns his belief with those of world tech communities, holding tenaciously that the world is solely driven and can only be best with tech. Furthermore, Anthony believes that technology is simple, fun and is not what one, especially Africans, should be scared of, hence, his passion for telling compelling stories about tech in ways relatable to the ordinary user. He has his hobbies in reading and designing (new hobby though.)

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