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Gucci to Accept Crypto Payments in Retail Stores

High-end fashion house Gucci will begin accepting cryptocurrencies at some of its stores this month, including bitcoin, ether, dogecoin, and shiba inu. The company plans for all of its directly operated stores in North America to accept crypto by this summer.
Gucci to Start Accepting Crypto Payments

Italian high-end luxury fashion house Gucci will start accepting cryptocurrency payments in five stores later this month, Vogue Business reported Wednesday.

The five stores are located in New York City (Wooster Street), Los Angeles (Rodeo Drive), Miami (Design District), Atlanta (Phipps Plaza), and Las Vegas (The Shops at Crystals).

Gucci will accept bitcoin, bitcoin cash, ethereum, wrapped bitcoin, litecoin, dogecoin, shiba inu, and five stablecoins pegged to the U.S. dollar, the publication conveyed.

These coins are the ones supported by popular crypto payment service provider Bitpay, which also supports GUSD, USDC, USDP, DAI, and BUSD stablecoins.

Marco Bizzarri, the president and CEO of Gucci, commented: “Gucci is always looking to embrace new technologies when they can provide an enhanced experience for our customers.” He added:

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.

The publication added that the fashion house plans for all of its directly operated North American stores to accept crypto payments by this summer.

Gucci has been ramping up its non-fungible token (NFT) and Web3 efforts. The company recently established a Web3-focused team and released a few NFTs.

The fashion house is also establishing a presence in the metaverse. It is developing digital real estate in The Sandbox. The two companies “will collaborate to create an interactive fashion experience based on Vault, Gucci’s conceptual space and meeting place inspired by childhood memories of the search for beauty,” they previously announced.

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California Governor Signs Executive Order Encouraging Bitcoin, Cryptocurrency Business

The governor of California signed an executive order to drive innovation for bitcoin and other cryptocurrency-based businesses with transparent regulation.

California Governor Gavin Newsom today signed an executive order creating a regulatory framework for companies operating in bitcoin and other cryptocurrencies.

The EO combines a multitude of established regulatory agencies to define regulatory practices through a public process based on stakeholder feedback.

The order also initiates the creation of a career path and educational opportunities for those looking to enter the cryptocurrency space.

California Governor Gavin Newsom today signed an executive order (EO) creating the legal framework for companies working in bitcoin and other cryptocurrencies, according to a press release from the governor’s office.

The EO states that one of its top priorities is “GovOps will explore opportunities to implement blockchain technologies to meet emerging and public service needs.”

If the state is looking to determine whether a company is a good fit for a particular vendor’s needs, the state will look at each company’s specific use cases and determine whether or not to accept vendors based on factors such as environmental impact and relevance.

Members of the Governor’s Council for Postsecondary Education are expected to create a research and work environment to strengthen cryptocurrency innovation designed to expose students to new opportunities in the space. The aim is to develop a pathway for the workforce and generate pathways for continuing education “to ensure a flow of talent”.

The EO sets several state priorities in creating this regulatory framework, but one in particular is creating a consistent and transparent business environment for any company operating in bitcoin or the broader cryptocurrency ecosystem.

The order signifies the creation of a stakeholder feedback system run by the Governor’s Office of Economic and Business Development (GO-Biz) and the Agency for Business, Consumer Services and Housing (BCSH) and the Department of Financial Protection and Innovation. (DFPI). The purpose of this coalition is to harmonize state and federal authorities for regulatory action.

These regulatory agencies will work together gathering feedback on how to properly operate in the space, gathering data from a wide range of stakeholders, including companies inside and outside California, lower economic communities unaffected by technological growth, experts, venture capital firms and many others. .

DFPI is ready to engage in a public development process towards comprehensive regulation under the direction of federal guidelines. The DFPI is expected to solicit public comment on regulation under the California Consumer Financial Protection Act (CCFPL), while making a voluntary request from companies already working in the space about their financial products. The Governor seeks open and transparent regulatory practices that lead to innovative practices that promote a healthy economy.

“California is a global hub of innovation and we are setting the state up for success with this emerging technology by spurring responsible innovation, protecting consumers and leveraging this technology for the public good,” said Governor Newsom.

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Collection of fine South African wines sold as NFTs

South African fine wine collections were recently sold as non-fungible tokens (NFTs) with one lot selling for $79,000. Immediately after the auction, two lots were paid for with bitcoin.

Many exceed estimates

Collections of fine wines made by some of South Africa’s top producers have been sold as non-fungible tokens (NFTs) in what has been described as a first for the country’s wine industry. At the auction, which was run by art auction house Strauss & Co, some lots, such as Klein Constantia’s Vin de Constance vertical collection from 1986-2027, sold for $79,000 (R1,251,800).

Other lots that exceeded estimated prices include winemaker Meerlust’s “50-year-old vertical of the famous Rubicon,” which sold for $68,000. Vilafonté Series C 2003-2027 raised over $36,000 while Mullineux Olerasay 1-20 would have raised $20,000. Kanonkop Paul Sauer’s 2000-2025 collection sold for $16,000.

Protecting South Africa’s Fine Wine Heritage

Speaking after the sale, Roland Peens, fine wine specialist at Strauss & Co, said:

This is a huge step towards securing South Africa's fine wine heritage! These pristine old bottles are now safe on the blockchain for future transactions and fun. We believe this new technology is the most powerful way to package and market vintage wines, especially when provenance is so vital.

A statement issued after the sale said that while each collection is an NFT, the individual bottles will also be “minted” as NFTs and “can be withdrawn or exchanged at any time on any NFT platform worldwide.” Immediately after the sale, two lots were paid for with bitcoin, the statement added.

Meanwhile, the release revealed that a total of $6,000 was raised simultaneously for charities that are critical to the South African wine industry.

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Billionaire’s Colorful Dubai Real Estate Company Now Accepts BTC and ETH

“Offering another transactional mode is exciting and we are pleased to recognize the value this technology brings to our customers,” said DAMAC Properties COO Ali Sajwani.

Dubai-based billionaire real estate developer DAMAC Properties has started accepting payments in Bitcoin (BTC) and Ether (ETH) for its luxury homes.

DAMAC Properties was founded by colorful billionaire Hussain Sajwani in 2002, and the company has done business across the Middle East, Canada and the UK. It also owns the high quality fashion and jewelry brands Roberto Cavalli and De-Grisgono.

Sajwani is known for his bizarre marketing tactics, like giving away free Lamborghinis to homebuyers. He also partnered with Donald Trump in 2013 to launch several Trump-branded golf courses in Dubai.

The company, valued at around $2.1 billion, may be looking to cryptocurrencies as a way to garner attention after a disappointing few years. DAMAC reportedly reported net income of $816 million in 2021, but overall had a net loss of $144.6 million amid a year plagued by the global pandemic. The previous year, the company’s losses also totaled $176 million.

According to an April 27 announcement, in addition to accepting payments in BTC and ETH, the company will also facilitate the conversion to fiat for the seller if needed. DAMAC COO Ali Sajwani noted that the company is paying special attention to evolving technology such as cryptocurrencies:

“It is crucial that global companies like ours remain at the forefront of evolution. Offering another transactional mode is exciting and we are pleased to recognize the value this technology brings to our customers.”

DAMAC also highlighted that Dubai is “becoming a cryptocurrency hub” thanks to crypto-friendly government regulations and virtual asset licenses, with major exchanges such as Bybit, Binance and FTX Europe recently settling there. Kraken also obtained a license earlier this week.

The company noted that it is keen to “fuel” Dubai’s ambitions by implementing more cryptocurrency initiatives.

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Coinbase wants to make a $3 billion acquisition of Turkish cryptocurrency exchange

Major US crypto exchange Coinbase is in talks to buy BtcTurk, a Turkey-based digital asset trading platform.

In a new report, Turkish publication Webrazzi says that Coinbase could buy BtcTurk for $3.2 billion.

Negotiations are at an advanced stage and the two companies have already signed a term of commitment. At over $3 billion, the acquisition is about a tenth of the current market capitalization of the US cryptocurrency exchange.

BtcTurk was started in July 2013 by Kerem Tibuk, according to the Crunchbase business database.

Cryptocurrency tracking platform CoinMarketCap ranks the Turkish exchange at position 70, with a score of 4.6 out of ten. Coinbase, on the other hand, is second only to Binance with an exchange score of 8.3.

BtcTurk manages only a fraction of Coinbase’s trading volumes: roughly $183 million in the last 24 hours versus the US crypto exchange’s more than $2 billion.

Reports of Coinbase’s efforts to acquire BtcTurk coincide with the US crypto exchange’s announcement that it was recruiting a country director for Turkey who would be responsible for driving the growth of the business.

Less than 12 months ago, Coinbase CEO Brian Armstrong said the US crypto exchange’s goal was to expand internationally and “increase the reach of cryptocurrencies by enabling secure and easy-to-use on-ramps across all markets.” countries in which we can operate”.

Earlier this month, Coinbase debuted cryptocurrency trading on its platform in India, where it was already an investor in two of the country’s largest digital asset exchanges: CoinDCX and CoinSwitch Kuber.

Earlier this year, Coinbase acquired futures exchange FairX for an undisclosed amount. Coinbase’s other recent acquisition was crypto security firm Unbound Security, which was completed in December 2021.