Gucci Announces Crypto Pilot Program; Will Pool BTC Price in Real-Time

Blockonomics
Gucci Announces Crypto Pilot Program; Will Pool BTC Price Values in Real-Time
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On Wednesday, luxury fashion brand Gucci announced a pilot crypto program that will begin at the end of the month.

According to a report by Vogue Business, the program will initially begin at five of Gucci’s U.S. stores. However, Gucci said it plans to expand its program to all non-franchised North American stores by this summer.

What’s unique is how the luxury fashion house will implement its pilot program. According to the report, Gucci will use an undisclosed service provider to aggregate bitcoin price values ​​from multiple cryptocurrency exchanges in real time in an attempt to determine the most accurate amount of BTC to charge customers — something that has not yet been explored deep into the present.

“Gucci is looking for new technologies that can provide our customers with an enhanced experience,” Gucci President and CEO Marco Bizzarri said in a statement. “Now we are able to integrate cryptocurrencies into our payment system, for those who wish to It’s a natural evolution for customers who offer them that option.”

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Off-White’s March Crypto Pilot Program

The luxury fashion brand joins other fashion retailers that have begun testing their own crypto pilots, including Off-White, which announced in March that its flagship stores in Paris, London and Milan would begin accepting bitcoin, ether Square, Binance Coin, Ripple, Tether and USD Coin as payment options.

Continuing the vision of the late founder of the luxury brand Virgil Abloh, the company shared with HypeBeast that DAO and NFT initiatives are underway.

Earlier this week, Gucci parent company Kering launched an internal game to help educate employees about NFTs and Web3.

It recently bought digital real estate on The Sandbox, joining blockchain-based real estate platforms Adidas and Al Dente. In June, Gucci became the first luxury brand to release an NFT in the form of a $25,000 art film.

Gucci said in a recent announcement on its Discord channel that owners of SuperGucci and Gucci Grail will have special access to pre-orders before the Gucci collection is released to the public.

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