Gucci starts accepting cryptocurrencies in number of stores

Italian fashion brand Gucci is reportedly set to begin accepting cryptocurrency in some of its retail stores in the United States later this month.

Multiple cryptocurrencies already accepted immediately

At a later date this year, the fashion brand plans to roll out the crypto program to multiple stores. However, an exact date has not yet been announced. Initially, 12 cryptocurrencies will be accepted, including Bitcoin (BTC), Bitcoin Cash (BCH), Dogecoin (DOGE), Ethereum (ETH), Litecoin (LTC), Shiba Inu (SHIB), Wrapped Bitcoin (wBTC) and five US Dollar-backed stablecoins.

A number of US pilot locations will be designated, including Atlanta, Las Vegas, Los Angeles, Miami and New York. Customers who want to pay with cryptocurrencies here will receive a QR code on the spot via email to pay via their digital wallet.

To familiarize employees with the new payments, training has already started on crypto, nonfungible tokens (NFTs) and Web3 in preparation for the launch.

The Gucci Vault

By accepting in-store cryptocurrencies, Gucci is taking another step in the fashion company’s move to Web3. Earlier this year, Gucci entered the Metaverse by purchasing virtual land in the decentralized blockchain video game “The Sandbox.” Here, the company is building a virtual “Gucci Vault” for Gucci-themed NFTs.

To properly prepare for this new move, Gucci said it will provide its staff with cryptocurrency and NFT education and training prior to the launch of the program so that staff are fully up to date from day 1 of the launch. The company says the following about this:

“Gucci is always looking for new technologies when they can offer our customers an improved experience. Now that we can integrate cryptocurrencies into our payment system, it is a natural evolution for those customers who want this option at their disposal.”

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