Gucci accepts payments with bitcoin and cryptocurrencies

  • Gucci customers will be able to make payments with more than 10 cryptocurrencies.
  • Customers from New York, Los Angeles, Miami, Atlanta, and Las Vegas will be able to pay with bitcoin.

Gucci, the famous Italian luxury goods firm, launched a pilot program that will allow payments to be made with bitcoin and other cryptocurrencies in five of its stores in the United States.

The information, disclosed through the Vogue Business medium, indicates that the pilot plan will begin at the end of this month of May with a view to extending the program to all stores that operate directly in North America starting in June of this year. (the next summer).

The statement adds that, in addition to Bitcoin (BTC), payments will be accepted with the cryptocurrency of Ethereum, ether (ETH), bitcoin cash (BCH), litecoin (LTC), dogecoin (DOGE), Shiba Inu (SHIB), five stable coins pegged to the dollar (GUSD, USDC, USDP, DAI, and BUSD), and wrapped Bitcoin (WBTC), the wrapped bitcoin token on the Ethereum network.

Bitcoin is part of the new Gucci strategy

The acceptance of cryptocurrencies as a means of payment by a leading luxury brand in the fashion market has been seen as an important validation for the bitcoin ecosystem. This was commented on by some tweeters in response to messages published on social networks in which the news was replicated.

The decision of the firm, which is specialized in the design and manufacture of items including clothing, shoes, jewelry, bags, watches, and perfumes, is part of the plan of Kering SA, the company that owns Gucci, to introduce innovations in its business.

On this, the executive director of Kering, François-Henri Pinault, said last February that Gucci and other fashion houses such as Balenciaga had work teams that were looking for opportunities related to the metaverse and web3. This is a new stage of the internet that includes blockchain platforms, cryptocurrencies, and non-fungible tokens (NFT) in its development, as ForexDominion has reported in previous publications.

François-Henri Pinault said that Kering’s approach to these new technologies is one of “test and learn” rather than “wait and see.” This, even considering that payments with cryptocurrencies have “very strong” legal and tax implications, according to the executive at the beginning of this year.

Leave a Comment