Gucci Announced the Cryptocurrency Pilot Project; BTC Price Values Will Be Aggregated in Real Time

On Wednesday, luxury fashion brand Gucci announced a pilot cryptocurrency plan that will begin at the end of this month.

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According to vogue business, the program will initially start in five U.S. stores in Gucci. However, Gucci said it plans to extend the program to all non franchised North American stores by this summer.

The unique landscape is how the luxury fashion brand will implement its pilot plan. According to the report, Gucci will use an undisclosed service provider to collect bitcoin price values from multiple cryptocurrency exchanges in real time in an attempt to determine the most accurate amount of BTC charged to customers – which has not been discussed in depth until now.

“Gucci is looking to embrace new technologies when they can provide a better experience for our customers,” Gucci president and CEO Marco bizzarri said in a statement. “Now we can integrate cryptocurrency into our payment system, which is a natural evolution for customers who want to have this choice.”

Off White Cryptocurrency Pilot Project in March

Luxury fashion brands have joined other fashion retailers that have begun testing their cryptocurrency pilot projects, including off white, which announced in March that its flagship stores in Paris, London and Milan will begin to accept Bitcoin, Ethereum, Binance coin, Reborn, Tether and US dollar as payment options.

In an effort to continue the vision of Virgil Abloh, the late founder of the luxury brand, the company shared with Hypebeast, and Dao and NFT plans are under way. Earlier this week, kering, Gucci’s parent company, launched an internal game to help employees understand NFT and Web3.

It recently purchased digital real estate on the sandbox and joined Adidas and Al dente in this blockchain based real estate platform. In June, Gucci became the first luxury brand to release NFT in the form of art films, worth $25000.

In a recent announcement on its discord channel, Gucci shared that the owners of superGucci and Gucci grail will have special permission to pre order the Gucci series before it is released to the public.