Gucci to Accept Crypto Payments in Retail Stores

Gucci to Start Accepting Crypto Payments

Italian high-end luxury fashion house Gucci will start accepting cryptocurrency payments in five stores later this month, Vogue Business reported Wednesday.

The five stores are located in New York City (Wooster Street), Los Angeles (Rodeo Drive), Miami (Design District), Atlanta (Phipps Plaza), and Las Vegas (The Shops at Crystals).

Gucci will accept bitcoin, bitcoin cash, ethereum, wrapped bitcoin, litecoin, dogecoin, shiba inu, and five stablecoins pegged to the U.S. dollar, the publication conveyed.

These coins are the ones supported by popular crypto payment service provider Bitpay, which also supports GUSD, USDC, USDP, DAI, and BUSD stablecoins.

Marco Bizzarri, the president and CEO of Gucci, commented: “Gucci is always looking to embrace new technologies when they can provide an enhanced experience for our customers.” He added:

Now that we are able to integrate cryptocurrencies within our payment system, it is a natural evolution for those customers who would like to have this option available to them.

The publication added that the fashion house plans for all of its directly operated North American stores to accept crypto payments by this summer.

Gucci has been ramping up its non-fungible token (NFT) and Web3 efforts. The company recently established a Web3-focused team and released a few NFTs.

The fashion house is also establishing a presence in the metaverse. It is developing digital real estate in The Sandbox. The two companies “will collaborate to create an interactive fashion experience based on Vault, Guccis conceptual space and meeting place inspired by childhood memories of the search for beauty,” they previously announced.