Gucci Brand Allows Bitcoin and Other Crypto Payment
According to Vogue Business, the legendary Italian luxury brand will begin accepting cryptocurrency purchases in certain US locations at the end of May. This summer, it plans to expand the pilot to all of its directly managed North American stores.
Crypto Increase in Demand
Wooster Street in New York, Rodeo Drive in Los Angeles, Miami Design District, Phipps Plaza in Atlanta, and The Shops at Crystals in Las Vegas were the first Gucci locations to accept cryptocurrency.
According to Fuad Fatullaev, founder and CEO of WeWayAfter, Gucci has announced that it would take cryptocurrencies as payment later this month. Since Gucci will eventually accept fiat payments, there will be an increasing demand for crypto-to-fiat conversion. It indicates that banks and other payment providers will see cryptocurrency-to-fiat services as a new dimension of financial services. As a result, such service providers will be able to extend their customers.
This Gucci endeavour may also spark a new wave of popular bitcoin acceptance. According to Fatullaev, “inviting others to follow in their footsteps.” It will also demonstrate to a bigger audience, particularly in North America, that cryptocurrencies can be used as a legitimate daily payment method.”
Luxury Brands Embrace Crypto Industry
Gucci’s crypto acceptance is a major step forward for the larger crypto business, as stated by Alexander Mamasidikov, co-founder of MinePlex, a mobile digital bank. It shows that the top players in numerous sectors trust bitcoin and other major cryptocurrencies’ long-term potential.
According to Mamasidikov, Gucci’s acceptance of cryptocurrency also demonstrates a rising trend of premium firms joining the crypto area.
He mentioned that in March, the fashion label Off-white began taking six cryptos as payment at its flagship stores in Paris, Milan, and London.
Now Gucci has arrived in this arena, Mamasidikov explained. These moves indicate that other large luxury businesses worldwide are likely to follow suit and provide crypto payment choices to their customers. It is only the beginning of how cryptocurrency has conquered other giant industries. Soon, more cryptos are expected to join the development.
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