Gucci expands cryptocurrency payment options to ApeCoin, Euro Coin

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Short dive:

  • Deepening its connection to the cryptocurrency economy, Gucci accepts ApeCoin and Euro Coin as payment methods via the cryptocurrency processor BitPay, the brand announced via email to Retail Dive. The luxury retailer is the first merchant to start accepting ApeCoin as a payment via BitPay.
  • BitPay has begun to support ApeCoin and Euro Coin, allowing buyers to buy, hold, trade and spend the two digital currencies from their crypto wallets. The platform currently supports 13 other cryptocurrencies, including Bitcoin, Dogecoin, Ethereum, Litecoin, and Shiba Inu.
  • Gucci currently accepts 10 different cryptocurrencies in 70% of its US locations and plans to roll out cryptocurrency acceptance in its remaining stores “by the first week of August,” according to the report’s announcement.

Dive overview:

The adoption of ApeCoin – the token from the Bored Ape Yacht Club non-fungible token collection – comes as brands dive deeper into cryptocurrency and NFT. In addition to Gucci, Balenciaga, PacSun, Tag Heuer And Hello Yoga everyone has started accepting cryptocurrencies.

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“We added ApeCoin and Euro Coin because customers of our luxury trading partners have requested it,” BitPay CEO Stephen Pair said in a statement. “They asked and we delivered.”

Whether retailers’ experiments with the cryptocurrency industry will yield long-term gains remains to be seen. Brands and resellers such as Tiffany, by Lowe And American eagle also introduced NFT collections. But while GameStop in May announced the beta launch of its digital wallet for cryptocurrencies and NFTsArs Technica reported that the dealer The volume of NFT trading has shown signs of slowing.

And as Gucci and other brands begin to accept cryptocurrency for payments, research indicates that few consumers use these digital tokens for purchases and general interest in the industry may decline. A Federal Reserve May Report said 3% of adults use cryptocurrency to make purchases or transfer funds. During this period, the to March S&P report found that 19% of cryptocurrency users paid for cryptocurrency purchases. Furthermore, a Bank of America analysis Anonymous consumer data revealed that the number of active cryptocurrency users fell from over 1 million in November 2021 to less than 500,000 in May 2022.

Although consumers can use ApeCoin at Gucci to pay for goods, the token is now at the center of a new fraud lawsuit. Decrypt the reports that law firm Scott + Scott filed a class action claiming that Yuga Labs, which oversees the NFT Bored Ape Yacht Club project, falsely marketed Bored Ape NFT and ApeCoin tokens as having the potential to generate future returns, but the value of tokens has fallen sharply in recent months.

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