Gucci will accept cryptocurrency payments before the end of May

Italian fashion label Gucci has announced that it will accept cryptocurrencies starting at the end of the month.

111 stores, more than 12 cryptocurrencies

The fashion label will start in five of its stores in the United States. The first Gucci items can be purchased at the pilot locations in New York, Los Angeles, Miami, Atlanta and Las Vegas. The brand then plans to expand to all 111 stores in North America.

It is good news for the crypto market that payment options are increasingly being adopted. Fashion magazine Vogue reports that the store will accept more than 12 cryptocurrencies, including Bitcoin, Bitcoin Cash, Ethereum, Wrapped Bitcoin, Litecoin, Shiba Inu, Dogecoin and five stablecoins pegged to the US dollar. But how does that work?

Customers who want to pay with crypto in the store will receive an email with a QR code. This allows them to pay via their crypto wallet. Employees will even receive training and education on crypto, NFTs and Web3, according to Vogue, in preparation for the launch.

Gucci in the metaverse

That is also necessary, because Gucci is very busy with these developments. The fashion label launched two NFT collections in 2022, and Gucci has also expanded into Web3 by buying land in the virtual world of The Sandbox. They do not hesitate and step fully into this new world of possibilities.

“Gucci is always looking to embrace new technologies when they can provide an enhanced experience for our customers,” said CEO Marco Bizzarri, in a statement. “Now that we are able to integrate cryptocurrencies into our payment system, it is a natural evolution for the customers who would like to have this option at their disposal.”

So we will be seeing a lot more of this fashion label in the near future. For the time being, nothing is known about possible expansion to Europe, but with the speed with which they adopt these technologies, it should not be long.