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BitPay has added two new cryptocurrencies to its portfolio: ApeCoin (APE) and EuroCoin (EUROC). Italian fashion house Gucci, a client of BitPay, is the first major brand to allow ApeCoin payments for its luxury products.
In the U.S., 70% of Gucci stores already accept payments in ten cryptocurrencies. The remaining stores are set to adopt crypto this month.
BitPay, founded in 2011, is a cryptocurrency pioneer and one of the largest Bitcoin and cryptocurrency payment providers. The payment processing company offers digital asset management solutions to allow clients to transform crypto assets into fiat money.
Euro Coin works on the same model as USD Coin (USDC), which already has over $54 billion in circulation. Issued by Circle as a stablecoin, the token is entirely backed by euros and redeemable at 1:1. The current price of EUROC is $1.04.
ApeCoin is the Bored Ape Yacht Club’s token used in the Otherside Metaverse, an immersive virtual world for Bored Apes developed by Yuga Labs. Otherside has recently reported being the fastest NFT collection in history to reach $1 billion in sales. ApeCoin is currently priced at $6.78, a 4% increase in the last 24 hours.
“We added ApeCoin and Euro Coin because customers of our luxury merchant partners asked for it,” said the CEO of BitPay, Stephen Pair.
The brand is active in the Web3 space: Gucci recently hosted a virtual art gallery in the SuperRare NFT marketplace, created a town in the Roblox Metaverse, and has launched several NFT collections.
Gucci adopting ApeCoin could indicate a future partnership between the high-end fashion label and the famous BAYC. But for now, ApeCoin holders can pick up luxurious Gucci wearables and buy them in-store with APE.
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