Luxury Italian fashion house Gucci announced its new metaverse coin partner in a tweet recently. Thanks to the collaboration, another popular altcoin is added to BitPay’s extensive list of cryptocurrency payment methods. The news that came in the period when the market receded left an interesting mark on the chart…
Gucci announces it will accept payments with this metaverse coin
Gucci announced in a tweet today that it will now accept payments in ApeCoin (APE). Thus, minor cryptocurrencies including Bitcoin, Ethereum, Dogecoin and SHIB are now on Gucci’s list. Gucci customers can pay with the help of a QR code sent to them via email.
After a slight correction, the tweet left a 10% green candle on the APE chart.
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
Apecoin jumps 10% after Gucci news
Apecoin (APE), which is 32nd by market cap, is trading at $6.63 at the time of writing. It reached this level with a decrease of 4.46% compared to the last 24 hours. Although the announcement that came in the past hours initially triggered the 10% rise, APE could not escape the hands of the sellers. Meanwhile, Bitcoin and Ethereum were down around 1.9% and 4.38%, respectively.
Gucci and cryptocurrency studies
The Italian fashion house released a series of NFTs in February in partnership with toy brand Superplastic. Other important names have also embraced digital fashion. Dolce & Gabbana introduced their NFT collection last September. German fashion house Philipp Plein, especially known for its flashy outfits, adopted cryptocurrencies last August. Meanwhile, back in April, the controversial designer behind the brand, Philipp Plein, predicted that his company would make around $16 million from crypto enthusiasts this year.
Gucci’s story is one of luxury, fashion and style. In 1881, Guccio Gucci founded his company as a saddlery store in Florence, Italy. His son Aldo later made the Gucci name a global brand. In 2000, Gucci was acquired by the French conglomerate PPR (Kering), which owns brands such as Balenciaga, Saint Laurent and Alexander McQueen. Gucci has since become one of the leading luxury fashion brands, with more than 60 stores worldwide.
Bitpay plays an important role in crypto adoption by global brands like Gucci. The US-based payment provider allows numerous companies to accept payments with BCH, ETH, WBTC, DOGE, SHIB and stablecoins. One of the latest developments that we reported as Kriptokoin.com was that the world’s largest watch manufacturer Hublot accepted cryptocurrencies in partnership with BitPay. Hublot now accepts cryptocurrencies for luxury watches.
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