Gucci becomes first fashion brand to accept cryptocurrency payment

CHENNAI: Gucci, an Italian high-end luxury fashion house has announced on Twitter that ApeCoin will now be accepted for purchases at select stores in the United States.

In a tweet a few days ago, Gucci wrote, "Now, accepting @ApeCoin 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."

Now accepting @ApeCoin payments via @BitPay, select Gucci boutiques in the USA expand the range ofcryptocurrencies available for in-store purchases, yet another step in the House's exploration of Web3.

— gucci (@gucci) August 2, 2022

Gucci will be the first retailer to accept ApeCoin (APE) payments via BitPay. BitPay is the world's largest Bitcoin and cryptocurrency payment service provider.

The fashion company has made a major investment in the crypto world this year, despite the ongoing bear market in cryptocurrencies.

As of now, not all Gucci stores in the US would be accepting ApeCoins. The service will be rolled out only in select outlets.

ApeCoin (APE) is a cryptocurrency created by Yuga Labs and adopted as the native token of Bored Ape Yacht Club.

According to reports Apecoin's price has soared from nearly $6 on August 2 to $7 on August 9.

Experts believe that ApeCoin's price spike would increase its market value by 50% and that the rising popularity of cryptos will be a major driver of their market value.