Gucci to accept cryptocurrency payments in select US stores

Gucci will begin accepting cryptocurrency payments by the end of the month in five of its US stores, with plans to expand to all of its 111 American locations.

​The in-store payments will be made using a QR code that customers can scan with their crypto wallet, sent by Gucci via email, according a Vogue Business.

The stores will accept 12 cryptocurrencies including Bitcoin, Bitcoin Cash, Ethereum, Wrapped Bitcoin, Litecoin, Shiba Inu, Dogecoin and five US dollar stablecoins.

READ MORE: Gucci ropes in TikTok star Francis Bourgeois for North Face collaboration campaign

The first locations to accept crypto are 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.

Employees have started to undertake training and education on crypto, non-fungible tokens (NFTs) and Web3 in preparation for the launch.

Gucci has recently honed in on its Web3 expansion. Earlier this year, the luxury brand entered the metaverse by purchasing virtual land in the decentralized blockchain game The Sandbox for an undisclosed amount and is building a virtual ‘Gucci Vault’ for Gucci-themed NFTs.

In addition, Gucci’s parent company Kering recently announced the appointment of Google executive Yonca Dervisoglu to its board of directors, as the French luxury conglomerate homes on in digital technologies and the metaverse.

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