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You will soon be able to buy Gucci using Bitcoin

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Gucci has announced that bitcoin payments would be accepted at select locations.

Customers will be able to pay with bitcoin at locations in New York, Los Angeles, Miami, Atlanta, and Las Vegas beginning at the end of May for the experimental project.

According to a press statement shared with CNN, the initiative will be expanded throughout Gucci’s entire North American network this summer.

Customers will soon be able to pay for their purchases with over 10 cryptocurrencies, including widely recognized coins like Bitcoin (BTC), Ethereum (ETH), and 5 USD-pegged stablecoins (GUSD, USDC, USDP, DAI, and BUSD). But the brand is also accepting payment from more niche cryptocurrencies, like Dogecoin (DOGE) and Shiba Inu (SHIB). Dogecoin started as a joke but spiked in value after tech billionaire Elon Musk said the meme-based coin could be used to buy Tesla merchandise.

“Gucci is a digital first luxury brand and this is the next phase of the company’s Web 3.0 journey,” the brand said in the release.

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This is not the company’s first move into bitcoin and digital assets. Gucci announced the Gucci Vault in March, a digital store symbolizing “Gucci’s presence in the metaverse” that will offer digital assets alongside real-life items.

The brand has also collaborated on NFTs with prominent players in the NFT field, such as Bored Ape Yacht Club and Cool Cats. Non-fungible tokens, or NFTs, are one-of-a-kind digital assets linked to the blockchain, the record-keeping system used by cryptocurrencies. And some of the hottest pieces of digital art are fetching extravagant sums. One NFT advertised at Gucci’s NFT shop on OpenSea is worth 420.69 ETH, which is more than $1 million.

Other luxury brands have also dipped their toes into cryptocurrency, like Off-White, founded by the late Virgil Abloh. In March, the brand announced it would accept cryptocurrency payments in its London, Milan, and Paris stores, according to Vogue Business.

 

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