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The price of Bored Ape Yacht Club (BAYC)-affiliated crypto asset ApeCoin (APE) is rising as Gucci announced that it now accepts APE as payment for in-store purchases.

Gucci is Add to APE added it to its list of supported digital currencies after deciding in May to accept crypto payments as it ventured into the digital asset space.

The company initially announced support for 12 digital assets, including Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), and Shiba Inu (SHIB).

“Now accepting ApeCoin payments via BitPay, select Gucci boutiques in the US have expanded the range of cryptocurrencies available for in-store purchases, another step in the House’s exploration of Web3.”

recent developments Make Gucci was the first major brand to accept payment in APE. Customers can use ApeCoin to pay for purchases through the payment platform BitPay.

“I’m pleased to announce that Gucci will be the first major brand to allow customers to use ApeCoin to make in-store purchases through BitPay.”

ApeCoin rose after Gucci’s announcement. At the time of writing, the crypto asset is trading at $7.59, up 9.75% over the past 24 hours.

The news also comes after the ApeCoin Decentralized Autonomous Organization (DAO) voted to fund The Bored Ape Gazette, a BAYC-focused 24-hour news publication covering Yuga Labs and the non-fungible token (NFT) marketplace, among others theme.

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Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should conduct due diligence before making any high-risk investments in Bitcoin, cryptocurrencies or digital assets. Please note that your transfers and transactions are at your own risk and any losses you may suffer are your own responsibility. Daily Hodl does not recommend buying or selling any cryptocurrencies or digital assets, and Daily Hodl is not an investment advisor. Please note that The Daily Hodl engages in affiliate marketing.

Featured Image: Shutterstock/R_lion_O/RomanYa

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