The price of the Bored Ape Yacht Club (BAYC)-affiliated 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 to its roster of supported digital coins following its decision in May to accept crypto payments as it ventures into the digital assets space.
“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.”
The recent development makes Gucci the first major brand to accept payments in APE. Customers can pay for their purchases with ApeCoin through the payments platform BitPay.
“Excited to announce that Gucci will become the first major brand to allow customers to pay for purchases in-store with ApeCoin, via BitPay.”
ApeCoin rallied following Gucci’s announcement. At time of writing, the crypto asset is trading at $7.59, up by 9.75% over the past 24 hours.
The news also comes after the ApeCoin decentralized autonomous organization (DAO) voted to fund the BAYC-focused 24-hour news publication, The Bored Ape Gazette, which covers topics such as Yuga Labs and non-fungible token (NFT) marketplaces.