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Gucci set to accept crypto in five US stores

Gucci
TL;DR Breakdown
  • Gucci announces rollout of crypto payments in US stores
  • Customers can pay with 12 cryptos in 5 stores in the US
  • Fashion brands make inroads into the Web3

Gucci has announced that users across the United States of America can start paying with digital assets in some of its stores at the end of the month. According to the high-value fashion company, payment via the crypto channel will be open in five of its stores. However, accepting crypto for payments won’t start until the end of this month. The company also noted that there are considerations to roll out the new payment features across all of its stores in the continent.

Gucci users can pay with 12 cryptos in 5 stores

In the announcement, Gucci mentioned that users could pay in-store using as many as 12 digital assets, with Dogecoin and Bitcoin Cash making a list with other top coins. In the news reported by Vogue Business, users can also leverage their ownership of assets like Wrapped Bitcoin and stablecoins like USDT to purchase fashion items in the stores.

The company’s clients who prefer to pay online in the supported location will be forwarded a QR code to scan for payment. However, the company will initially offer such features in its stores in Miami, Las Vegas, New York, and Atlanta, among others. Gucci also mentioned that it is currently grilling its employees in training related to digital assets and other aspects of the crypto sector, pending the launch of this feature.

Fashion brands enter Web3

Gucci has continued to make inroads into the Web3 sector following the unveiling of its NFT collections some months ago. The first NFT, ‘The SuperGucci’, was launched in February in conjunction with SuperPlastic, a company focused on toy production. The second, ‘GucciGrail,’ was unveiled two months ago, hoping to lure in owners of NFTs like World Of Women and Bored Apes. The fashion brand made its debut in the NFT market in June 2021 after it posted a clothing-inspired video on Christie’s.

The auction saw the Gucci NFT sold for around $25,000 after it was listed. The company has also continued to thread the Web3 path this year following the purchase of a Land in The Sandbox. Gucci aims to provide users with the virtual experience of its vault services with the purchase.

Many fashion brands have been pushing their companies into the Web3 space in the last few years. Asides from Gucci, Off White, announced some months ago that users can now pay crypto for its products in select flagship stores. Its parent company, LMVH, is also not taking it slow with the movement into the sector. The company has previously released NFTs under some of its brands in the last few months.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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