Gucci Incorporates Apecoin As Payment Method For In-Store Purchases

Gucci Incorporates Apecoin As Payment Method For In-Store Purchases

Gucci, an Italian high-end luxury apparel brand, has added ApeCoin for in-store purchases in the United States. With this, ApeCoin becomes a new addition to the list of cryptocurrencies accepted by Gucci for purchases of its merchandise at certain US shops. 

Customers may now pay for Gucci merchandise with ApeCoin via BitPay. Gucci stated on Tuesday that this is another move in the House’s investigation of Web3. “Now accepting APE payments via BitPay, select Gucci boutiques in the USA expand the range of cryptocurrencies available for in-store purchases, yet another step in the House’s exploration of Web3,” Gucci announced on Twitter.

ApeCoin was now trading at $6.88 on CoinMarketCap, with a 2.4% increase. The market capitalisation of the token is around $2.11 billion on the market. It is ERC-20 governance and utility currency, inspired by Yuga Labs’ Bored Ape Yacht Club initiative. It is utilised inside the APE Ecosystem to empower and incentivise a decentralised community that is growing at the forefront of web3. 

The APE Foundation manages ApeCoin. It serves as the Foundation upon which ApeCoin holders in the APE DAO can build. According to the website, the Foundation is entrusted with managing the ApeCoin DAO’s choices. It is responsible for bookkeeping, project management, day-to-day administration and other responsibilities that guarantee the DAO community’s ideas get the backing they need to become a reality.

With digitalisation, there has been an enormous rise in the crypto adoption rate. Despite the changes and volatility, corporations and industry titans all over the world are acquiring crypto and jumping on the bandwagon.

On the other hand, Gucci began accepting cryptocurrency payments for its items, including Bitcoin, in May of this year, as the digital currency’s acceptability grew. Bitcoin, Bitcoin Cash, Ethereum, Dogecoin, Shiba Inu, litecoin, Wrapped Bitcoin, and a few US dollar-pegged stablecoins are all accepted by the premium brand.

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