Gucci, the Italian luxury brand, will begin taking cryptocurrency payments at certain American outlets. Customers will be able to pay using Bitcoin, Litecoin, and Ethereum, among other cryptocurrencies.
The service will be available later this month at some of the company’s flagship locations, including Wooster Street in New York and Rodeo Drive in Los Angeles. Owner of Gucci, France’s Kering, joins a growing number of enterprises that have begun to accept virtual currencies.
Customers expending in stores with virtual currency or cryptocurrencies will be sent an email with a QR code for utilizing a digital asset wallet. This financial transaction application functions on mobile devices. QR codes or quick response codes are the white and black, barcode-like squares used for reading by mobile phones and have been used increasingly widely since the pandemic.
The brand said it intends to present the policy or approach to all the North American stores to operate directly in the upcoming years. The statement by such a high-profile brand stamped another step ahead for accepting cryptocurrencies by mainstreaming their businesses.
Some of the biggest brands across the globe are now accepting digital currencies, whereas some are planning to introduce this strategy to their business, including US telecoms firm AT&T, technology giant Microsoft, and coffee chain Starbucks.
There is no question that Bitcoin has successfully become one of the legal tenders in two countries—the Central African Republic and El Salvador—in the last year. Since El Salvador stated it would permit buyers to utilize the cryptocurrency in all transactions or deal alongside the US dollar, the International Monetary Fund (IMF) has urged it to change its decision.
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