Gucci Opens Its Doors to Crypto Customers In The U.S.

By Sunil Sharma
May 5, 2022 Updated May 5, 2022
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Gucci, the popular Florence based Italian brand is making its way into the cryptocurrency industry. As VougeBusiness noted in a recent post, Gucci will be accepting cryptocurrency as a medium of payment in the United States.

Gucci serves the needs of its crypto-audiences

With the rapid adoption of cryptocurrency all over the globe, it is expected that Gucci, the luxury high-end brand which is currently valued at over $15 billion, will see a handful of crypto-based customers. Noting that it is “tapping into the crypto crowd,” Gucci is set to serve its consumers who use cryptocurrencies, in some of its U.S. based stores, by the end of May. 

VogueBusiness breakdowns the payment process that customers should expect, saying “

“In-store crypto payments will be made with a link sent via email to the customer; the link contains a QR code that allows them to execute the payment from their crypto wallet.”

The big city of New York, particularly Wooster Street, will be home to one of the crypto-focused Gucci stores. Others includes the Miami Design District, Rodeo Drive in Los Angeles, shops situated in Crystals, in Las Vegas, as well as Phipps Plaza in Atlanta.

Customers will have the option to make use of a wide variety of cryptocurrencies, as over 10 cryptocurrencies will be accepted by Gucci. 

Asides from the leading cryptocurrency Bitcoin, altcoins such as Ethereum, Litecoin, Bitcoin Cash and Wrapped Bitcoin will be accepted at the shops. Five other stablecoins also make up the list. The popular memecoins Dogecoin and Shiba Inu were also not left out.

In a recent statement, Gucci’s CEO Marco Bizzarri, noted the company’s interest in adopting cryptocurrencies.

He’s quoted saying: “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.”

Gucci expands into the NFT industry

Like many other brands, Gucci is also taking up space in the NFT marketplace. The billion-dollar industry recently saw Gucci launch NFT projects. 

The SuperGucci and Gucci Grail NFT projects. Owners of the product will have exclusive access to unreleased Gucci collections before the rest of the public gets access to it. 

Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO's in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on Twitter at @sharmasunil8114 and reach out to him at sunil (at) coingape.com
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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