Despite the bear market and its setbacks, cryptocurrencies retain their charm and are all the rage with businesses. Gucci, the Italian fashion house now accepts ApeCoin (APE) as payment.
When haute couture and cryptocurrencies meet
Gucci continues to explore the world of Web3. This afternoon, on Twitter, the big fashion brand noted that it accepted payments in ApeCoin. In other words, APE token holders can now use their cryptoassets to shop at the brand’s stores.
As part of this initiative, the firm has entered into a partnership with BitPay, a company that offers prepaid Visa credit cards to cryptocurrency holders. This is an opportunity for Gucci to further expand its payment channels and, by extension, its customer portfolio.
That said, this news is a continuation of the fashion house’s previous moves. As a reminder, some of its stores in the United States integrated cryptocurrency payments last May. Relevant currencies include: bitcoin (BTC), ether (ETH), bitcoin cash (BCH), litecoin (LTC), shiba inu (SHIB) and dogecoin (DOGE).
ApeCoin reacts positively
As expected, this news did not go unnoticed for the APE token. Indeed, within minutes of the news, the price of ApeCoin jumped 7% from $6.49 to $6.94. At the time of writing, it is trading around $6.89 according to CoinMarketCap.
Since its launch in March, ApeCoin has caused quite a stir. The token recently jumped 30% after a demonstration of Yuga Labs’ Otherside metaverse, where it is used as currency.
Aware of the opportunities offered by cryptocurrencies, major retailers are increasingly open to payments in cryptocurrencies. Clearly, neither the regulatory hurdles nor the bad press surrounding some crypto companies are deterring them from going down this path. What to question once again the skeptics.
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