Gucci, Tag Heuer to start accepting payments in cryptocurrencies in USA

The companies join luxury label Balenciaga, fast food chain Chipotle, airline major Emirates and more in accepting cryptocurrencies. Both companies tweeted that they will begin accepting ApeCoin via BitPay for purchases.

Gucci, an upscale Italian fashion brand, and Tag Heuer, a Swiss wristwatch, said on Wednesday that they will now accept cryptocurrency payments in the United States. Both businesses announced through Twitter that they will start taking ApeCoin for payments using BitPay.

The move towards crypto by Gucci comes despite the ongoing crypto bear market, in which all major crypto coins like Bitcoin, Ethereum, Dogecoin, etc. have shed heavy red blood. Customers of Gucci in the US will now be able to make in-store purchases using APE, and BitPay, a company that has previously assisted well-known companies like AMC Theaters accept cryptocurrency payments, will be in charge of managing the payment infrastructure.

"Now accepting @ApeCoin payments via @BitPay, select Gucci boutiques in the USA expand the range ofcryptocurrencies available for in-store purchases, yet another step in the House's exploration of Web3," Gucci said in a tweet.

"Now, you can not only flex your @BoredApeYC #NFTs with style on the #TAGHeuerConnected Calibre E4, but you can also buy your watch with @ApeCoin! @BitPay #crypto #blockchain," Tag Heuer wrote in its tweet, adding that it will only do so in the United States.

The businesses join others in accepting cryptocurrencies, an unregulated digital currency notorious for its volatility, as a form of payment, including fashion brand Balenciaga, restaurant chain Chipotle, airline giant Emirates, and more.