Gucci now accepts ApeCoin as payment
Gucci, an Italian luxury brand, announced on Monday that it would accept apecoin as a payment method. The payment mode is currently only accessible in the United States because not many countries allow crypto to be accepted as a payment method. The brand is partnering with Bitpay to make the payment option available. Bitpay is a cryptocurrency payment processing firm that has worked with numerous well-known companies to make cryptocurrency payments possible.
It is, however, Gucci's 12th cryptocurrency that they accept as payment. In May, the company announced plans to accept 12 crypto assets as payment options in 111 stores across North America. Bitcoin, Ethereum, Dogecoin, SHIB, Litcoin, Wrapped BTC, USDT, USDC, and many more were on the list.
Gucci has emerged as one of the few large companies to engage with cryptocurrency aggressively. In February, the Italian brand launched the "SUPERGUCCI" NFT collection in collaboration with the vinyl toy brand SUPERPLASTIC. The following month, it released the "Gucci Grail" NFT collection, targeted at owners of top NFT projects like the BAYC. The brand is profiting from the current excitement in the cryptocurrency and NFT markets.
Apecoin community reactions
ApeCoin's official Twitter page responded by stating that they are thrilled that Gucci will be the first large company to accept the cryptocoin for in-store transactions. Everyone is excited about this move because it is a community-driven initiative. As a result, it's not surprising that Twitter is flooded with tweets concerning Gucci's moves. Users have been seeing that more corporations are adopting the Web3 environment, and it appears that Gucci is ready as well.
Apecoin (APE) has experienced a rise in its general acceptance as a payment method. As the market has gained traction and the cryptocoin has witnessed some favourable developments, it has increased by about 50% in the previous month. It is currently trading at $7.32. However, the coin is still nearly 75% down from its ATH.
Author: Priya Kumari
Priya is a passionate content writer and the co-founder of Finendorse. She is an enthusiastic crypto investor and has a huge interest in the upcoming digitisation age.