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Fashion brand Gucci will take payment in 12 tokens including Bitcoin, Dogecoin, know which stores are opening

Fashion brand Gucci will take payment in 12 tokens including Bitcoin, Dogecoin, know which stores are opening
Written by Arindam
Fashion brand Gucci will take payment in 12 tokens including Bitcoin, Dogecoin, know which stores are opening

Italian luxury fashion brand Gucci is going to accept payments in cryptocurrency. The company will start this from its 5 US stores. By the end of this month, it will start accepting cryptocurrencies as payment. This is believed to be the company’s next step in terms of exploring Web 3.

According to a report in Vogue, Gucci is preparing to roll out this feature in almost all stores in North America, which the company operates directly. In this summer, the company can implement this project. Initially, it will include 12 cryptocurrencies as payment options, including Bitcoin, Bitcoin Cash, Ethereum, Wrapped Bitcoin, Litecoin, Dogecoin, Shiba Inu and 5 stable coins pegged to the US dollar.

The five stores that will initially have this payment feature include Wooster Street (New York), Rodeo Drive (Los Angeles), Miami Design District, Phipps Plaza (Atlanta), and The Shops at Crystals (Las Vegas). The report states that a link will be sent via email to the customer for in-store crypto payments. It will have a QR code. Through this code, customers will be able to make payments from their crypto wallets. After that the company will convert the digital currency into fiat money.

This is not the first time that a renowned fashion brand has introduced cryptocurrency payments. Earlier, many big brands have taken this initiative. Among them comes the name of Off-White, which has taken the initiative to accept payments in 6 cryptocurrencies earlier this week. The company has started this payment service in its flagship stores in Paris, Milan and London. In addition, US-based luxury fitness company Equinox Group has also announced to accept payments in cryptocurrencies. In which it will start this service in its New York City club.

Gucci also launched its two NFT collections – SuperGucci and Gucci Grail this year. In addition, recognizing Web 3 as the platform of the future, the company has also purchased virtual land in the Animoca brand’s de-centralized blockchain game The Sandbox. However, the company did not disclose its price. The company is also going to develop its own virtual concept store which has been named as Gucci Vault.

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Arindam

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