Gucci has become the first major brand to accept in-store payments of ApeCoin, the Bored Ape Yacht Club-affiliated cryptocurrency.
Customers of the high-end Italian fashion titan in America can now pay with Ape via the payment infrastructure provided by BitPay, which has also helped AMC accept digital currency payments in the past.
Excited to announce that @Gucci will become the first major brand to allow customers to pay for purchases in-store with ApeCoin, via @BitPay. ???????????? https://t.co/ipoeW6lXLl
— ApeCoin (@apecoin) August 2, 2022
The move is expected to help the coin gain broader exposure and enhance the utility of the crypto, Coin Telegraph said.
Gucci, owned by French multinational Kering SA, ventured into the world of digital assets in February with the ‘SUPERGUCCI’ non-fungible token (NFTs) collection in collaboration with toy brand Superplastic.
In March, the high-end retailer unveiled the ‘Gucci Grail’ NFT collection targeted at owners of top NFT projects.
Two months after that, the company revealed it would be accepting 12 different cryptocurrencies as payment methods across North America’s 111 stores.
These were bitcoin, bitcoin cash, ethereum, wrapped bitcoin, litecoin, shiba inu, dogecoin and five US dollar stablecoins.
The 31st most popular crypto by market value, according to Coin Market Cap, jumped 14.0% to US$7.28 on the news.