Through its Twitter account, Gucci said, "Now accepting ApeCoin payments via BitPay, select Gucci boutiques in the USA expand the range of cryptocurrencies available for in-store purchases, yet another step in the House's exploration of Web3."
ApeCoin was currently trading at $$6.88 on CoinMarketCap higher by 2.4%. The token's market valuation is around $2.11 billion.
Inspired by Yuga Labs’ Bored Ape Yacht Club project, ApeCoin is an ERC-20 governance and utility token which is used within the APE Ecosystem for empowering and incentivizing a decentralized community that is building at the forefront of web3.
The APE Foundation is the steward of ApeCoin. It is the base layer on which ApeCoin holders in the ApeCoin DAO can build. The Foundation is tasked in administering the decisions of the ApeCoin DAO, and is responsible for day-to-day administration, book-keeping, project management, and other tasks that ensure the DAO community’s ideas have the support they need to become a reality, as per the website.
Founded by Tony Gallippi and Stephen Pair in May 2011, BitPay is a mobile checkout service for companies that accept cryptocurrencies, especially Bitcoin. BitPay entered the blockchain industry after it saw potential in Bitcoin to revolutionize the financial industry, making payments faster, more secure, and less expensive on a global scale. They are pioneers in building blockchain payment technology to transform how businesses and people send, receive, and store money around the world.
Due to broader acceptance of the digital currency, Gucci began to accept payments for its products using cryptocurrencies including Bitcoin since May this year. The luxury brand accepts multiple digital assets such as Bitcoin, Bitcoin Cash, Ethereum, Dogecoin, Shiba Inu, litecoin, Wrapped Bitcoin, and a few U.S. dollar-pegged stablecoins.
