Crypto Biz: Gucci ‘apes’ into crypto

cointelegraph.com:

What comes to mind when you think of Gucci? Designer handbags, fashion jewelry, elegant Swiss watches? What about payment integration with an ERC-20 governance and utility token that wants to power Web3? Rolls off the tongue, doesn’t it? The iconic Italian fashion brand announced this week it would expand its payment options to include the Bored Ape Yacht Club-affiliated ApeCoin (APE) — but only through BitPay. In other words, Gucci will let you liquidate your APE for United States dollars and spend the proceeds at its stores. 

If you’re surprised by the news, you should read on to learn more about Gucci’s broadening crypto ambitions. While you’re at it, stick around for this week’s Crypto Biz, where we dissect the latest news surrounding Michael Saylor and Robinhood. We leave you with a sobering analysis of the Terra-induced crypto market collapse from a top Kraken executive.

If you missed it, Gucci officially became the first major brand to accept APE payments via Bitpay. The move came months after Gucci announced that it would accept 12 crypto assets as payment across more than 100 North American stores. Holders of Bitcoin (BTC), Ether (ETH), Dogecoin (DOGE) and other crypto are now able to convert their digital assets into a $5,000 GUCCI tote bag. Beyond crypto payments, Gucci launched a pair of nonfungible token (NFT) collections this year, including the SUPERGUCCI NFT lineup in February.

Bitcoin’s chief evangelist Michael Saylor is clearing his calendar to focus almost entirely on promoting the digital asset. This week, Saylor announced he was stepping down as CEO of MicroStrategy in favor of a new executive chair position. Effective Aug. 8, Saylor’s new role will focus on MicroStrategy’s “Bitcoin acquisition