Hot StoriesGucci accepted ApeCoin as a Payment Method

Gucci accepted ApeCoin as a Payment Method

Gucci accepted ApeCoin as a payment method. Gucci has expanded its Web3 initiatives by allowing crypto enthusiasts to pay for its products in its stores using ApeCoin (APE). It already accepts 12 other coins.

The Bored Ape Yacht Club-affiliated ApeCoin has been accepted as payment by high-end Italian fashion giant Gucci for the first time.

The decision, which was made public on Monday, could give the ApeCoin project significant exposure among the general public and increase the utility of the cryptocurrency.

Customers of Gucci are happy that Gucci accepted ApeCoin as a payment method and customers in the US will now be able to make in-store purchases using APE, and BitPay, a company that has previously assisted well-known companies like AMC Theaters to accept cryptocurrency payments, will be in charge of managing the payment infrastructure.

Gucci accepted ApeCoin as a payment method, this fashion company has seriously entered the cryptocurrency space this year despite the ongoing bear market in cryptocurrencies.

Gucci began things off in February with the “SUPER GUCCI” NFT collection created in association with the vinyl toy company SUPERPLASTIC. The owners of prestigious NFT projects like the BAYC were the target market for Gucci’s “Gucci Grail” NFT collection, which was released the following month.

The company later announced plans to accept 12 cryptocurrencies in May across 111 locations in North America. Gucci accepted ApeCoin as a payment method and the list of previously accepted coins are Shiba Inu (SHIB), Dogecoin (DOGE), Wrapped Bitcoin (WBTC), Litecoin (LTC), Ether (ETH), Bitcoin Cash (BCH), Shiba Inu (SHIB), and five U.S. dollar stablecoins.

BAYC collectors appear to have supported Gucci’s cryptocurrency initiatives so far, with fictitious Twitter user NBATopShotEast claiming to have made the first Gucci purchase using ETH at the brand’s Wooster Street store in New York City in July.

NBATopShotEast detailed plans to once again be the first user of the asset in the Wooster Gucci store in response to the most recent APE announcement.

APE is currently the 33rd largest cryptocurrency asset, with a market cap of about $2.06 billion. APE has nevertheless lost 74.8 percent of its value since reaching an all-time high of $26.70 on April 28.

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