Dogecoin adoption in payment soars globally, as Gucci joins merchants accepting the cryptocurrency.
Gucci, an Italian high-end luxury fashion house, has announced that it will be accepting Dogecoin (DOGE) along with ten other popular cryptocurrencies and stablecoins in some of its retail stores in the United States.
The list of other cryptocurrencies includes Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Wrapped Bitcoin (WBTC), Shiba Inu (SHIB), and Litecoin (LTC).
Notably, in addition to these digital currencies, the luxury fashion house will also offer five stablecoins pegged to the US dollar to its customers.
As reported by Vogue Business, Gucci plans to test the crypto payment initiative at five flagship stores including Wooster Street in New York, Rodeo Drive in Los Angeles, Miami Design District, Phipps Plaza in Atlanta, and The Shops at Crystals in Las Vegas, at the end of this month.
This is supposed to be a “Pilot Project”. If this goes well with the company, it has plans to extend the pilot to all of its directly-operated North American stores this summer.
Marco Bizzarri, Gucci’s president and CEO made the following statement at this event:
“Gucci is always looking to embrace new technologies when they can provide an enhanced experience for our customers. Now that we are able to integrate cryptocurrencies within our payment system, it is a natural evolution for those customers who would like to have this option available to them.”
Here is How Customers Would Do In-Store Payments
The customer will receive a link sent via email, which will contain a QR code that allows them to execute the payment from their crypto wallet. Once the payment has been made, a retailer will later convert these cryptocurrencies into fiat currency.