Gucci Adds ApeCoin (APE) As New Payment Option

Gucci accepts ApeCoin payments. (Hypebeast)

JAKARTA – Italian luxury goods manufacturer Gucci has expanded its crypto payment support. Most recently, the company announced that it had added ApeCoin (APE) as a new means of payment.

APE is the native NFT Bored Ape Yacht Club (BAYC) token developed by Yuga Labs. APE is built on the Ethereum network with the ERC-20 token standard.

Previously, luxury fashion house Gucci has accepted payments in a number of popular cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), Litecoin (LTC), and Shiba Inu (SHIB).

The acceptance of APE as a medium of exchange at Gucci adds to the list of cryptocurrencies accepted by the company. However, payments with crypto are only accepted at a select number of stores spread across the United States.

This decision allows customers to purchase their products using the aforementioned cryptocurrencies. Users can pay in an easy way, namely by scanning a QR code that is connected to a crypto wallet via BitPay.

However, Gucci has not disclosed the reason for including APE as an alternative to new crypto payments for the purchase of its goods. However, this is a step forward and one of the efforts the company is making to enter the Web3 realm.

"Now accepting ApeCoin payments via BitPay, selected Gucci boutiques in the US are expanding the range of cryptocurrencies available for in-store purchase, another step in the production house's exploration of Web3," Gucci wrote.

At the time of writing, data from Coingecko revealed that ApeCoin (APE) was trading at a price of Rp. 111,580. The APE crypto price has increased by 2.5% in the last 24 hours. While in one week, the price skyrocketed 9.7%.

APE had incised an all-time high price (ATH) on April 28, 2022 at the level of Rp387,532. But since then, the price has fallen 71.2% following the decline in the crypto market in recent months.