In the United States, Gucci stores will accept cryptocurrencies
Gucci, the Italian luxury brand, will begin taking cryptocurrency payments at certain of its American outlets.
Customers will be able to pay using Bitcoin, Ethereum, and Litecoin, among other cryptocurrencies. The service will be available later this month at some of the company’s flagship locations, including Rodeo Drive in Los Angeles and Wooster Street in New York.
Gucci, which is owned by Kering in France, has become the latest company to accept virtual currencies.
Shiba Inu and Dogecoin, a so-called “meme” cryptocurrency that was founded as a joke, will also be accepted, according to the company.
Customers who pay with cryptocurrencies at stores will receive an email with a QR code to use with a digital asset wallet, which is a mobile financial transaction app. QR codes, or rapid response codes, are black and white squares that can be read by mobile phones and have been increasingly popular since the outbreak began.
The policy will be implemented in all of the brand’s North American stores shortly, according to the company.
The statement by such a well-known brand is yet another step toward mainstream businesses accepting cryptocurrencies.
Gucci is the most recent high-profile brand to announce that it will accept cryptocurrency payments.
Microsoft, AT & T, and Starbucks are among the world’s most well-known companies that now accept digital currencies.
Bitcoin became legal tender in two nations last year: El Salvador and the Central African Republic.
The International Monetary Fund has encouraged El Salvador to rethink its decision to allow consumers to use cryptocurrency alongside the US dollar in all transactions.