Gucci to start accepting cryptocurrency payments in retail stores

The Italian brand plans to extend the payment mechanism to all stores in North America by the summer

06.05.2022 - 08:05

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What’s new? Italian fashion house Gucci will start accepting cryptocurrency payments in five stores by the end of May, Vogue Business reports. The company will accept bitcoin, Bitcoin Cash, Ethereum, Wrapped Bitcoin, Litecoin, Dogecoin, Shiba Inu, and five stablecoins pegged to the US dollar as payment. The fashion house plans to have all of its directly operated North American stores accept cryptocurrency payments by the summer of 2022.

Information on the Vogue Business website

How will the payments take place? Cryptocurrency payments are made with a link sent to the customer via email. The link contains a QR code that allows them to make the payment from their crypto wallet.

What events happened before? In February, Gucci bought a plot of virtual land on The Sandbox metaverse. The fashion house plans to open its own virtual clothing and accessories store.

In early April, the Italian luxury brand Off-White began accepting cryptocurrency payments in stores in London, Paris, and Milan. The company made payments available in bitcoin, Binance Coin, Ethereum, Ripple and Tether (USDT), and USD Coin (USDC) stablecoins.

Luxury health club Equinox became the first in New York City where customers would be able to pay for classes using cryptocurrencies. Equinox partnered with the BitPay service. Taylor Travel Management, a VIP travel agency, also entered into an agreement with BitPay and would be able to accept 7 cryptocurrencies for payment for services.

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