Customers will have the option to pay using several popular cryptocurrencies, including Bitcoin, Ethereum, and Litecoin.
This new payment method will be introduced later this month in some of Gucci's flagship stores, such as the Rodeo Drive location in Los Angeles and the Wooster Street store in New York City.
Gucci, which is owned by France's Kering group, is joining a growing list of companies adopting virtual currencies for transactions.
In addition to Bitcoin, Ethereum, and Litecoin, the company will also accept payments in Shiba Inu and Dogecoin, a "meme" cryptocurrency that was originally created as a joke.
The move to accept cryptocurrencies comes as businesses continue to explore digital currencies and their potential impact on commerce. The growing acceptance of crypto has led to increased discussions about regulation and the role digital currencies could play in future economies.
Customers who choose to pay with cryptocurrency in-store will receive an email with a QR code, which they can scan using a digital wallet app on their mobile device. These QR codes are the black-and-white, barcode-like squares that can be read by smartphones, and have become widely used, particularly since the COVID-19 pandemic began.
Gucci has indicated that it plans to roll out this payment option at all of its directly-operated stores across North America in the near future.
The announcement from Gucci is a significant milestone for cryptocurrency, as it highlights the growing trend of mainstream businesses embracing digital payment methods. The luxury brand is following in the footsteps of other major companies that have already integrated cryptocurrencies into their payment systems, such as Microsoft, AT&T, and Starbucks.
Over the past year, Bitcoin has also gained additional prominence, with two countries—El Salvador and the Central African Republic—designating it as legal tender. Despite this, international financial institutions, including the International Monetary Fund, have expressed concerns about the implications of such decisions.
Powered by Markelitics.com
Navigate the trading markets and Discover a world of opportunities.
Bullwaves is a trading name of Equitex Capital Limited (Registration No. 8434948-1), a company authorized and regulated by the Financial Services Authority (the "FSA", licence no. SD185) with legal registered address in CT House, office number 9A, Providence, Mahe, Seychelles and physical address in Office No. Al9C, Providence Complex, Providence, Mahe, Seychelles.
ETX Services Limited with company registration number HE455407, a company registered in Cyprus with registered address Archiepiskopou Makariou lll 160, 3026 Limassol is appointed as Independent Representative and Distributor.
Risk Disclaimer:
Over-the-counter derivatives are complex instruments and come with a high risk of losing your initial capital rapidly due to leverage. You should consider whether you understand how over-the-counter derivatives work and whether you can afford to take the high level of risk to your capital. Investing in over-the-counter derivatives carries significant risks and is not suitable for all investors.
When acquiring our derivative products you have no entitlement, right or obligation to the underlying financial asset. Equitex is not a financial advisor and all services are provided on an execution only basis. Information is of a general nature only and does not consider your financial objectives, needs or personal circumstances. Important legal documents in relation to our products and services are available on our website. You should read and understand these documents before applying for any Bullwaves products or services and obtain independent professional advice as necessary.
Regional Restrictions:
The information or services described on this website is not directed at or offered to residents of Belgium, North Korea, United States, Afghanistan, Belarus, Central African Republic, China, Iran, Russia, Cuba, Libya, Nicaragua, Palestinian Authority/Gaza/West Bank, Venezuela and to jurisdictions on the FATF and EU/UN sanctions lists or any other person in any jurisdiction where such distribution or use would be contrary to local laws or regulations. For more information please contact our support. Clients who onboarded via www.bullwaves.com can contact our support team at support@bullwaves.com.For complaints please email us at compliance@bullwaves.com
For complaints please email us at compliance@bullwaves.com