HomeBitcoinGucci accepts cryptocurrencies as a payment method.

Gucci accepts cryptocurrencies as a payment method.

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Gucci announces that cryptocurrencies will now be accepted in some of its places of the sale in the United States, just a few months after announcing its admission into The Sandbox (SAND). This is a significant step towards the realm of Web 3.0, especially because the Italian company eventually wants to implement this way of payment in all of its stores.

Gucci’s interest in Web 3.0 and cryptocurrency hasn’t waned since he first entered The Sandbox (SAND) metaverse.

 

Indeed, beginning in late May, the company will accept more than a dozen cryptocurrencies in five of its stores in the United States, including those on Wooster Street in New York, Rodeo Drive in Los Angeles, and the Miami Design District.

 

The brand will accept reference cryptocurrencies including Bitcoin (BTC), Ether (ETH), Wrapped Bitcoin (wBTC), but also 5 dollar-backed stablecoins like Dogecoin (DOGE), and Shiba Inu (SHIBA) (SHIB). When a consumer makes a purchase in the store, he will receive an email with a QR code that will allow him to authenticate the transaction immediately from his own digital wallet.

The assets can then be kept in the form of cryptocurrencies or converted into fiduciary money, such as the US dollar in the case of these retailers.

According to the press release, Gucci hopes to eventually implement this new payment mechanism in all of its stores.

Gucci isn’t the first premium brand to accept cryptocurrency payments in its stores.

Indeed, Virgil Abloh’s Off-White company already takes this sort of payment in its eponymous boutiques in Paris, London, and Milan.

We may also include the Philipp Plein brand, which will launch a gallery of non-fungible tokens (NFTs) in one of its London stores, in addition to having more than 150 BTC in reserve.

In both situations, these are high-end streetwear labels marketed at a younger demographic.

Kering, Gucci’s parent company, has launched an internal game in collaboration with the Al Dente agency to educate its employees about this new environment. According to one of the company’s representatives, the number of employees who expressed interest was significantly larger than anticipated.

According to Gucci CEO Marco Bizzarri, these are all new features that improve the client experience:

“Now that we are able to integrate cryptocurrencies into our payment system, it is a natural evolution for customers who want this option. »

 

 

     

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