Gucci to Begin Accepting Crypto Payments

Iconic fashion brand Gucci will begin accepting cryptocurrency in some of its U.S. locations later this month.

Gucci also plans to extend the program to other North American stores this summer.

In-store payments will be made using a QR code that customers can scan with their crypto wallet, sent by Gucci via email, Decrypt.co quotes Vogue Business.

The stores will accept various digital currencies, including Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Dogecoin, and Shiba Inu.

The first locations to accept crypto 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.

Earlier this year, Gucci entered the metaverse by purchasing virtual land in the decentralized blockchain game The Sandbox for an undisclosed amount; it’s building a virtual “Gucci Vault” for Gucci-themed NFTs.

Joining Gucci in the web3 are new reality are clothing lines Dolce & Gabbana, Adidas, Nike, Vans, and Balenciaga.

These brands will also be competing against crypto-native fashion houses like Digitalax, Blanksoles, DRESSX, and Red DAO, which have a head start building online communities around their brands.