Photo: REUTERS/Charles Platiau
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Gucci joins other companies that are starting to accept payments with cryptocurrencies. The reason is, the luxury fashion brand is preparing to accept payments in the form of crypto assets at several branch stores in the United States.
Customers can pay using a number of virtual currencies, including Bitcoin, Ethereum, Wrapped Bitcoin, and Shiba Inu. Gucci will also accept Dogecoin, a cryptocurrency meme that was originally created as a joke.
The service will launch later this May in some stores as an early stage, including Rodeo Drive in Los Angeles and Wooster Street in New York.(9/5/2022).
Payments with Gucci in-store crypto assets will be made with a link emailed to the customer. The link contains a QR code that will allow them to make payments from their crypto wallet.
The brand said it plans to introduce a payment policy with crypto assets to all stores in North America that it operates directly in the near future.
Announcements by brands like Gucci mark another step forward for cryptocurrency acceptance. Gucci is the latest big name to announce that they will be using cryptocurrency as payment.
Some of the world's biggest brands now accept digital currency, including tech giant Microsoft, US telecommunications company AT&T and Starbucks.
In the past year Bitcoin has also become legal tender in two countries - El Salvador and the Central African Republic.
Since El Salvador said it would allow consumers to use cryptocurrencies in all transactions, in addition to the US dollar, the International Monetary Fund has urged it to reverse its decision.