Luxury retail brand Gucci has reportedly embraced payments in the form of cryptocurrencies in some stores operated in North America.
What Happened: Gucci plans to accept 10 cryptocurrencies, including Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), as well as meme-based Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB), as a means of in-store payment from the end of of this month, according to Vogue Business.
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The first Gucci stores to accept cryptocurrency will be those on 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, according to Vogue, which cited a company statement.
Benzinga reached out to Gucci for confirmation but didn't get a response — outside of business hours — as of press time.
Gucci plans to extend the pilot to all of its directly operated stores in the country, according to the report, which added that customers would be able to make payments using their digital wallet by scanning a QR code.
Why It Matters: The Kering (EPA:PRTP) SA-owned(OTC: PPRUY) luxury retailer had previously launched a collection that outfitted existing NFTs in new clothes. It has also set its sights on the metaverse, picking up a plot of virtual land in The Sandbox (CRYPTO: SAND) in February.
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The last year has seen a number of major retailers across various industries accept crypto as payment. In March, major theatre chain AMC Entertainment Holdings Inc. (NYSE: AMC) began accepting DOGE and SHIB for online movie ticket purchases.
Price Action: According to data from Benzinga Pro, the leading digital asset Bitcoin was trading at $39,600, up 4.5% over 24 hours.
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