Cryptocurrency /

American Gucci Stores Will Accept Cryptocurrency

'Gucci is always looking to embrace new technologies,' said the luxury brand's CEO

Gucci announced it would begin accepting a mix of cryptocurrencies at select stores in America.

The luxury designer brand said customers can use 10 different forms of cryptocurrency at a number of its flagship locations, including its Rodeo Drive storefront in Los Angeles and its Wooster Street location in New York. The payment option will launch by the end of May.

The brand’s French parent company Kering plans to open the crypto payment option at all of its North American locations in the coming weeks.

“Gucci is always looking to embrace new technologies when they can provide an enhanced experience for our customers,” said Marco Bizzarri, Gucci president and CEO, in a statement to Vogue Business. “Now that we are able to integrate cryptocurrencies within our payment system, it is a natural evolution for those customers who would like to have this option available to them.”

Gucci had previously announced SuperGucci and Gucci Grail, two NTF projects, through the Gucci Vault Discord server.

Among the acceptable forms of payment are Bitcoin, Ethereum, and Litecoin as well as Dogecoin and Shiba Inu.

Gucci stores in Miami Design District, Phipps Plaza in Atlanta and The Shops at Crystals in Las Vegas will also accept crypto payments.

Customers paying in stores with cryptocurrencies will be sent an email with a QR code to use with a digital asset wallet — a financial transaction app that runs on mobile devices,” reports the BBC.

Some legal restrictions still prevent virtual currency from being used ubiquitously. 

“Various attempts to sell high-value items for crypto have failed because of money-laundering concerns and tax implications for U.S. residents,” reports Coindesk. “Tesla’s attempt to sell its cars in bitcoin flopped and was quickly canceled, because of the tax hit U.S. residents would incur when they liquidated their crypto, along with the overhead cost of anti-money laundering disclosures required.”

Still, cryptocurrency has been increasingly accepted by retailers around the world.

Pizza Hut began accepting Bitcoin payments in November of 2020. Burger King in Germany adopted Bitcoin, Dash, Litecoin, Ethereum, and Tether as forms of accepted payment in September of 2019.

Luxury vehicle maker Lamborghini announced its Newport Beach location would accept bitcoin and other cryptocurrencies in January 2021.

Cryptocurrency is also accepted online by H&M, Nike, Aeropostale, Off-White, American Eagle, ASOS, and Calvin Klein.

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