ApeCoin Soared 15% as Gucci Adopted APE for Store Payments
Chayanika Deka - CryptoPotato
Gucci is expanding the number of supported cryptocurrencies that it accepts for payment, the latest addition being ApeCoin. APE is the native ERC-20 token of the BAYC NFT collection, a subsidiary of Yuga Labs.
The iconic Italian fashion house revealed that the Bored Ape Yacht Club (BAYC) token will be available as a payment option alongside twelve different crypto-assets, including Bitcoin, Ethereum, Dogecoin, Shiba Inu, and Litecoin, across select stores in the US.
Gucci has become the first brand to accept ApeCoin as a payment option in its US stores. It enables the customers to make crypto payments by scanning a QR code with a crypto wallet via BitPay. The company hasn’t detailed the reason behind choosing APE but highlighted that the move is a step towards web3 exploration.
The official announcement read,
“Now accepting ApeCoin payments via BitPay, select Gucci boutiques in the USA expand the range of cryptocurrencies available for in-store purchases, yet another step in the House’s exploration of Web3.”
Bored Ape Yach Club first gained prominence during the 2021 crypto boom. Scarcity, speculation, and hype surrounding the NFT collection have attracted some celebrity cachet. Prominent personalities such as Jimmy Fallon, Paris Hilton, Steve Aoki, and actor Seth Green have flexed their Bored Ape NFTs on social media and television.
It’s worth noting that APE’s price soared today by 15% from $6.2 to $7.2 in hours following the announcement. Despite retracing slightly since then, the asset is still well in the green.
Gucci’s ApeCoin update comes just days after American jewelry brand Tiffany & Co. announced plans to launch its new NFT collection called NFTiff. Notably, the initiative targeted the holders of CryptoPunks, yet another project owned by BAYC maker – Yuga Labs.
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