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GUCCI Joins Other Companies Accepting Cryptocurrencies

Italian luxury brand GUCCI will accept cryptocurrency at some of its flagship outlets in the U.S.

Luxury brand Gucci announced the possibility of purchasing its premium products with cryptocurrency in some of its flagship U.S. stores, including Rodeo Drive in Los Angeles and Wooster Street in New York, and intends to extend the policy to all of its directly-operated North America stores this summer.

Gucci publicized to accept multiple digital assets such as Bitcoin, Bitcoin Cash, Ethereum, Dogecoin, Shiba Inu, litecoin, Wrapped Bitcoin, and a few U.S. dollar-pegged stable coins.

Customers paying cryptocurrencies in stores will be made with a link and sent via email to the customer. The link carries a Q.R. code that authorizes them to complete the payment from their crypto wallet. The retailer can instantly convert the fee to fiat currency, such as U.S. dollars, or retain the charges in the form of cryptocurrency.

Marco Bizzarri, Gucci's president and CEO, expressed how the brand is always looking to embrace new technologies that can provide an enhanced experience for its clients. 

Recently, Gucci has built out a Web3-focused team, purchased, and is developing a digital real estate on a blockchain-based real estate platform, The Sandbox, where Adidas and Al Dente are also developing land. In addition to its Sandbox investment, the high-end brand opened a Discord server and was the first luxury brand to release an NFT that sold for $25,000 and has released two other NFT projects since then. 

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