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Luxury Brand Gucci Plans to Integrate Crypto Payments

Gucci is looking to woo affluent crypto investors after announcing plans to start accepting digital currencies for payment. A report revealed this bullish news yesterday, noting that the fashion house intends to start accepting crypto this month. However, the crypto payment option will be available in select US stores.

According to the report, Gucci will initially roll out crypto payments in five stores in the US. These are 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.

The company will accept more than 10 cryptocurrencies. These include Bitcoin (BTC), Bitcoin Cash (BCH), Wrapped Bitcoin (WBTC), Litecoin (LTC), Shiba Inu (SHIB), Dogecoin (DOGE), and five stablecoins pegged to the US dollar. However, the company has not yet revealed which stablecoins it would accept.

Once a crypto user purchases Gucci items, the company will send them an email containing a QR code. By scanning the QR Code, the user will be able to pay from their crypto wallets. Gucci did not reveal whether it would hold the crypto it receives or immediately convert it into cash.

The company’s President and CEO Marco Bizzarri commented,

Gucci is always looking to embrace new technologies when they can provide an enhanced experience for our customers. 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.

Creating an educational game to simplify the learning curve

Gucci’s parent company, Kering, has partnered with creative agency Al Dente to create a game that educates Gucci employees on NFTs and web3. Through this game, the company seeks to streamline the learning curve for the employees. According to a spokesperson, the number of employees that have signed up for the game is overwhelming.

This news comes as Gucci continues cementing its position as the most web3-friendly luxury brand. Before announcing plans to introduce crypto payments, the firm created a web3-focused team. Additionally, the company became the first luxury brand to drop an NFT. On top of this, Gucci purchased and started developing land in The Sandbox.

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Gucci’s decision to start accepting cryptocurrency payments has contributed to a surge in the prices of the above digital assets. For instance, BTC is up 1.70% in the day to trade at $39,538.63. The other coins have gained between 1.88% and 3.90% over the past 24 hours.

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