Digital Assets: Gucci To Soon Accept More Than 10 Cryptocurrencies At Five Select US Stores

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Gucci’s move is a huge plug for cryptos and ties in with its early adoption of Web3 technologies.

By the end of this month, Gucci will start to accept cryptocurrency payments in a few US stores, and later extend the pilot to all of its directly operated stores in the US this summer. More than 10 currencies, including Bitcoin, Bitcoin Cash, Ethereum, Wrapped Bitcoin, Litecoin, Shiba Inu, and five stablecoins pegged to the US dollar, will be accepted by the iconic brand. The Gucci stores at Wooster Street in New York, Rodeo Drive in Los Angeles, Miami Design District, Phipps Plaza in Atlanta, and The Shops at Crystals in Las Vegas will be the first to take crypto payments. (Vogue Business)

Gucci has been quick to adopt Web3 technologies including the blockchain and NFTs such as its SuperGucci and Gucci Grail projects. The brand has linked the latter to its retail sales by allowing owners of these NFTs to be eligible to pre-order a Gucci collection before it is opened to the general public. Accepting cryptocurrencies is a logical next step toward greater assimilation of digital assets in business operations by Gucci.

Gucci: New technologies

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

Customers opting to make crypto payments will receive an emailed link from the store. That link would contain a QR code that would execute the payment out of their crypto wallet. After receiving the payment, the store can opt to retain the crypto, or alternatively, exchange it for fiat US dollars.

Returned goods may also be refunded in cryptocurrencies, according to Gucci’s plans.

Gucci has also bought digital land in The Sandbox, a blockchain-based real estate platform. Gucci, alongside neighbors such as Adidas and Al Dente, is developing this digital property.

Related Story: VanEck Offers The First-Ever NFTs From A Global Asset Manager

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