- The renowned luxury fashion brand, Gucci, has announced the launch of a pilot to accept Bitcoin and other cryptocurrencies as a form of payment in five of its physical stores in the United States.
- The pilot program will start later this month in just five stores but is expected to roll out to all of its stores in North America, as reported by Vogue Business.
- “Gucci is always looking to embrace new technologies when they can provide an enhanced experience for our customers… Now that we can integrate cryptocurrencies within our payment system, it is a natural evolution for those customers who would like to have this option available to them.”
The renowned luxury fashion brand, Gucci, has announced the launch of a pilot to accept Bitcoin and other cryptocurrencies as a form of payment in five of its physical stores in the United States.
The pilot program will start later this month in just five stores but is expected to roll out to all of its stores in North America, as reported by Vogue Business.
Now, to achieve these cryptographic payments in stores, it will be done through a link that will be sent by email to customers in which there is a QR code that will allow the payment to be executed from your cryptographic wallet. The first stores to accept cryptocurrency payments will be 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.
Essentially, Gucci will accept payments with more than 10 cryptocurrencies which include Bitcoin, Bitcoin Cash, Ethereum, Wrapped Bitcoin, Litecoin, Shiba Inu and Dogecoin, in addition to this it will accept 5 stablecoins or stable coins (They did not specify which ones they would be). Marco Bizzarri, Chairman and CEO of Gucci, said:
“Gucci is always looking to embrace new technologies when they can provide an enhanced experience for our customers… Now that we can integrate cryptocurrencies within our payment system, it is a natural evolution for those customers who would like to have this option available to them.”
Marco Bizzarri, Chairman and CEO of Gucci
Gucci will be working with an undisclosed service provider to aggregate Bitcoin price values from multiple cryptocurrency exchanges in real-time to determine the most accurate amount of BTC to charge the customer, according to Bitcoin. Magazine, in the event that a customer wishes to return an item, the money will be returned with the cryptocurrency used at the time of purchase.
Finally, the report also explains the configurations that retailers typically use to allow companies like Gucci to accept cryptocurrencies, typically consisting of the retailer automatically converting cryptocurrency to fiat currency, however it is not specifically identified in the report. Gucci plans to do an instant conversion to the US dollar or hold the Bitcoin. It is also worth noting that, Gucci recently created a team focused on Web3, and this same has bought and is developing digital real estate in The Sandbox, It was also the first luxury brand to launch an NFT, thus demonstrating its intention to move forward and delve into the crypto industry.
