Gucci becomes the first major brand to accept ApeCoin payments

Italian luxury fashion giant Gucci has become the first major brand to accept payments in ApeCoin (APE).

Gucci customers in the US can now purchase items in-store with APE, while the payment infrastructure will be provided by BitPay, a company that has helped big names like AMC theaters accept electronic payments in the past.

Despite the ongoing crypto bear market, the fashion brand has still dabbled in crypto in earnest this year.

In February, Gucci kicked off with the NFT โ€œSUPERGUCCIโ€ collection in partnership with vinyl toy brand SUPERPLASTIC. The following month, Gucci launched the โ€œGucci Grailโ€ NFT collection targeting owners of top NFT projects like BAYC.

In May, the company further announced plans to accept 12 crypto assets as payment methods across 111 stores in North America. The list includes Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), Wrapped Bitcoin (WBTC), Litecoin (LTC), Shiba Inu (SHIB), Dogecoin (DOGE), and five US dollar stablecoins.

BAYC collectors seem to have shown strong support for Gucci’s moves, with Twitter individuals nicknamed NBATopShotEast claiming to be the first to pay for Gucci items with ETH at the Street location. Wooster of the brand in New York City in July. Two other BAYC members claimed to be the second and third to do so.