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The renowned luxury company now accepts ApeCoin via Bitpay for purchases. What comes to mind when you consider the brand Gucci? Purses by designers, stylish jewelry, and gorgeous Swiss watches? What about payment integration with a Web3-powered ERC-20 utility and governance token? It flows easily off the tongue.
The legendary Italian fashion business said this week that it would accept ApeCoin (APE), linked with the Bored Ape Yacht Club, but exclusively through BitPay. In other words, Gucci will allow you to convert your APE into U.S. dollars and spend the revenues in its stores.
If the news has startled you, continue reading to discover more about Gucci's expanding crypto aspirations. While you're here, stay around for this week's Crypto Biz, where we analyze the most recent news about Michael Saylor and Robinhood. A senior executive from Kraken provides a grim view of the Terra-induced crypto market crash.
In case you missed it, Gucci is the first significant brand to accept APE payments via Bitpay. The move occurred months after Gucci’s announcement that it would accept twelve cryptocurrencies as payment in over 100 North American outlets. Now, Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), and other cryptocurrencies may be exchanged for a $5,000 GUCCI tote bag. Gucci released a few nonfungible token (NFT) collections in 2018, including the SUPERGUCCI NFT collection in February and its crypto payment offerings.
Michael Saylor, Bitcoin’s lead advocate, is clearing his schedule to focus almost exclusively on promoting the digital asset. Saylor announced his resignation as CEO of MicroStrategy this week instead of an executive chair post. Saylor’s new position will focus on MicroStrategy’s “Bitcoin acquisition strategy and related Bitcoin advocacy projects” beginning on August 8.
Following the news, MicroStrategy’s stock price reached its highest level in three months. It appears that investors are satisfied with Saylor’s current situation. We will determine how they feel if crypto winter persists for another year.
Over a year ago, Robinhood’s entrance into cryptocurrency appeared promising when we were riding the bull market. With cryptocurrencies, equities, and the economy in the dumps, the bargain brokerage has been forced to lay off roughly a quarter of its employees.
Robinhood’s CEO, Vlad Tenev, gave the bad news immediately after the business posted terrible second-quarter profit results, including a 44 percent year-over-year fall in net revenues. Companies focusing on cryptocurrencies have seen widespread layoffs this year due to the steep decline in asset values and transaction volumes.
The cataclysmic collapse of Terra (Luna), now called Terra Classic (LUNC), prompted industry-wide contagion in crypto, resulting in several bankruptcies and trillions of dollars in lost market capitalization. However, the only organizations and protocols to fail were those with “poor balance sheet management” and a complete lack of blockchain knowledge.
This study was supplied by the managing director of Kraken Australia, Jonathan Miller. He also outlined why Ethereum proved robust in the face of instability and why Kraken is primed for continued growth.