Gucci becomes the first major brand to accept ApeCoin payments

Gucci has stepped up its Web3 initiatives by allowing crypto nerds to purchase its products with ApeCoin in its stores, adding to a list of 12 other assets that he accepts for payment.

Italian high-end fashion giant Gucci has become the first major brand to accept payments in the form of ApeCoin (APE), affiliated with the Bored Ape Yacht Club.

The move was announced on Monday and could provide the ApeCoin project with significant mainstream exposure while bringing additional utility to the cryptocurrency.

Gucci customers in the US will now be able to purchase items in-store with APE, while the payment infrastructure will be provided by BitPay, a company that has helped big names such as AMC Theaters accept crypto payments in the past.

Delighted to announce that @Gucci will become the first major brand to allow customers to pay for in-store purchases with ApeCoin, via @BitPay. https://t.co/ipoeW6lXLl

Despite the current crypto bear market, the fashion brand has seriously dabbled in the crypto space this year.

In February, Gucci kicked off the NFT "SUPERGUCCI" collection in collaboration with vinyl toy brand SUPERPLASTIC. The following month, Gucci launched the NFT "Gucci Grail" collection aimed at owners of the best NFT projects su...