Gucci has announced that it has a plan to accept cryptocurrency as payment in stores by the end of May.
This is a significant step forward for the company and makes the label one of the first fashion brands to prioritize sustainability by accepting crypto.
Plan To Accept Cryptocurrency As Payment In Stores
The move also signals an important shift in consumer preferences as crypto becomes more mainstream within retail settings. Customers will be able to purchase Gucci goods with a variety of major cryptocurrencies, including bitcoin, Doge and Ethereum.
Gucci products include luxury leather goods such as bags, wallets, shoes and fragrances. The brand is also one of the most prominent in fashion’s ‘unicorn’ market in which retailers are valued at $1 billion or more.
At press time the company had not responded to a request for comment concerning its crypto plans.
The primary goal of cryptocurrency is taking control away from companies who control our money like banks and governments and giving it back to the people in a sustainable way through decentralized networks that guarantee privacy and security. As such cryptocurrencies are becoming much more popular than traditional currency as a store of value.
Many companies are starting to realize the potential that cryptos have and have started to look into them.
This comes as no surprise as Gucci’s founder, Guccio Gucci, was known for his support of the arts and culture in Florence, Italy. His brand was also considered one of the first European brands to offer ‘luxury for all’.
Gucci Coin is currently not only used to purchase goods but is also used as a loyalty token for discounts and rewards in stores as well as a credit card for online purchases. The Gucci coin can be used on the company’s website and is traded on exchanges.
It is expected that more companies will start to adopt cryptocurrencies into their business models similar to the way that Gucci has done so with this move.
Conclusion
Gucci is not the first company to accept Cryptocurrencies as payment for products, but it is the first of the luxury industry to truly embrace it. With such a market place such as fashion being open to change and embracing new ideas and concepts, this will definitely be an important move.
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