.gucci began accepting cryptocurrency in a few U.S. stores in May, and now it’s going all-in on the blockchain-based payments.
According to Stephen Pair, BitPay’s chief executive officer, the platform was simply responding to demand. “We added ApeCoin and Euro Coin because customers of our luxury merchant partners asked for it,” he said in a statement.
ApeCoin is a token of the well-hyped Bored Ape Yacht Club NFT collection, a subsidiary of Yuga Labs. Bored Ape Yacht Club is much sought-after by celebrities and other well-heeled individuals, and ApeCoin will be the main token used across the Ape ecosystem, Web3 games, experiences and communities.
The volatile world of crypto investments is an adventure sport unto itself, with heart-thumping swings. Bitcoin and Ethereum, for instance, are energetically bouncing back after a major crash in June set off nerves. But the fascination with blockchain-based currency endures, and its die-hard fan base remain undeterred.
As for Gucci, the logical assumption is that it must be responding to its customers. After all, if BitPay’s Pair is right, then demand must be surging among luxury consumers. But this scenario is not a given, and the company declined a WWD request for comment, so it is not known how many of its customers actually use Bitcoin or Dogecoin.
Another, perhaps more likely possibility, is that its embrace of crypto allows the brand to meet future initiatives.
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