Gucci Will Now Accept Cryptocurrency At Select US Flagship Stores – Robb Report

The first stores to integrate the digital payment method will be the Wooster Street brand location in New York, Rodeo Drive in Los Angeles, the Design District in Miami, Phipps Plaza in Atlanta and The Shops at Crystals in Las Vegas. If you don’t live near one of these stores, don’t worry: the brand plans to expand the initiative to all of its North American live-operated stores by this summer.

“Gucci is always looking to embrace new technologies when they can provide an enhanced experience for our customers,” the brand’s president and CEO, Marco Bizzarri, said in a statement. “Now that we are able to integrate cryptocurrencies into our payment system, it is a natural evolution for customers who want this option.”

In addition to the six major cryptocurrencies, Gucci customers will also be able to use five “stablecoins” pegged to the US dollar, as well as Dodgecoin – yes, the cryptocurrency that started out as a joke. According to Business in vogue, in-store crypto payments will be made via a link you will receive in an email. The link will open to a QR code that will allow you to make payments using approved currencies from your crypto wallet.

Gucci storefront in Australia.

AP pictures

Crypto transactions are typically processed through a QR code or NFC reader at retail stores. In either case, the sales terminals connect to your smartphone’s cryptocurrency app to complete the transaction, much like Apple Pay or Google Pay. Retailers can then convert crypto payments to fiat currency, such as US dollars, or simply keep them as is.

Gucci, of course, is not the first luxury brand to embrace cryptocurrency. In March, fashion brand Off-White announced that its flagship stores in Paris, London and Milan would accept Bitcoin, Ethereum, Binance Coin, Ripple, Tether and USD Coin. Elsewhere, German fashion designer Philipp Plein is building a store in London that will accept crypto and house an NFT gallery. Brand Already Makes One Crypto Transaction Per Day, Designer Says Fashionable Business, and acquired 150 bitcoins so far. This equates to approximately $5.8 million.

With those kinds of numbers, one thing is clear: the intersection of luxury and cryptocurrency is only going to get busier and more crowded.

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Gucci Will Now Accept Cryptocurrency At Select US Flagship Stores – Robb Report

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