The price of the Bored Ape Yacht Club (BAYC)-linked crypto asset ApeCoin (APE) is going bananas as Gucci announces that it now accepts APE as payment for in-store purchases.
Gucci is adding APE on its list of supported cryptocurrencies following its decision in May to accept crypto payments as it enters the digital asset space.
The company initially announced support for 12 digital assets, which include Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), and Shiba Inu (SHIB).
“Now accepting ApeCoin payments via BitPay, select Gucci boutiques in the US expand the range of cryptocurrencies available for in-store purchases, another step in the House’s exploration of the Web3.”
The recent development does Gucci is the first major brand to accept payments on APE. Customers can pay for their purchases with ApeCoin through the BitPay payment platform.
“We are excited to announce that Gucci will become the first major brand to allow customers to pay for in-store purchases with ApeCoin, via BitPay.”
ApeCoin rallied after Gucci’s announcement. At the time of writing, the crypto asset is trading at $7.59, up 9.75% in the last 24 hours.
The news also comes after the ApeCoin Decentralized Autonomous Organization (DAO) voted to fund the 24-hour BAYC-focused news publication The Bored Ape Gazette, which covers topics such as Yuga Labs and non-fungible token (NFT) markets. .
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