Even the crypto market crash did not hinder the adoption of cryptocurrencies by major brands like Gucci. The luxury brand has joined the bandwagon of major companies that now accept cryptocurrencies as payment. The company has recently announced that it is now supporting APE (ApeCoin), a digital asset associated with Bored Ape Yacht Club, an NFT collection that is highly supported by well-known personalities worldwide. 

 

This was announced on Gucci’s official Twitter account. Gucci is the first-ever luxury brand to accept APE (ApeCoin) as payment via BitPay. 

 

To date, there are more than 15,000 businesses worldwide that accept crypto assets as payment and more than 2,000 of these operate in the United States. Gucci has joined the likes of Microsoft, Paypal, Starbucks, and Home Depot along with other major companies that now support BTC (bitcoin) and other cryptocurrencies as payment for products and services. The company started accepting virtual assets as early as May of this year initially for its stores located in New York, Los Angeles, Miami, Atlanta, and Las Vegas as part of the pilot project according to a report by CNN.

 

“Gucci is a digital first luxury brand and this is the next phase of the company’s Web 3.0 journey.”

 

The luxury brand now supports more than 10 virtual assets which include major cryptocurrencies like BTC (bitcoin), ETH (ethereum), and LTC (litecoin). It also accepts dog-meme tokens like SHIB (Shiba Inu) and DOGE (dogecoin), Elon Musk’s favorite token. On top of that, Gucci also supports 5 USD-pegged stablecoins which include GUSD, USDC, USDP, DAI, and BUSD. APE (ApeCoin) is the latest addition to the growing number of supported cryptocurrencies by the company. 

 

Despite the gloomy market amid the crypto winter, news of adoption like this brings optimism to crypto investors and users of APE (ApeCoin) and other crypto assets in the market. With more companies now accepting cryptocurrencies as payment, adoption would definitely play a major role in the industry’s survival.