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Weekly crypto news: Gucci to accept ApeCoin payments

Weekly crypto news: Gucci to accept ApeCoin payments

Compared to the last two green weeks for the crypto market, the past week (July 29, 2022 to August 5) much more calm. Bitcoin (BTC) and Ethereum (ETH) moved mostly sideways and are now at €22,500 and €1,600 respectively.

The rest of the market largely moved with the two giants, but there were a few outliers to the upside, such as Filecoin (FIL) and Optimism (OP). Filecoin was up 45% over the past seven days and Optimism was up as much as 83%. The big winner in the top 10 cryptocurrencies was Binance Coin (BNB) with a 10% increase.

It is unclear which way the market will go in the coming period, as there is currently so much going on on a macroeconomic level. A military conflict between China and Taiwan is now even looming, in addition to the fact that the war in Ukraine is still raging on.

There were fortunately many positive signs this week, however, within the crypto sector. The main theme of this week‘s news overview is crypto adoption, on a small and large scale. Want to know more? Then quickly read along with our weekly crypto news overview!

Gucci adds ApeCoin to payment options after Bitcoin and Ethereum

The first example of crypto adoption, and on a large scale, comes from Italian clothing brand Gucci. The luxury brand is now accepting payments in ApeCoin (APE) at select stores in the United States.

ApeCoin is the currency used within the Bored Ape Yacht Club ecosystem. The Bored Ape Yacht Club (BAYC) is originally an NFT collection that eventually became very famous as all sorts of luminaries such as Justin Bieber and Paris Hilton bought themselves in. Since then, BAYC has really blown up, with new collections and even a metaverse now being developed called "Otherside."

Gucci previously made it possible to pay with Bitcoin and Ethereum, so now it is adding a third coin. It shows that even the world's biggest brands see a future in cryptocurrencies.

Oxford City Football Club accepts Bitcoin for match tickets

Another small-scale example of crypto-adoption, but just as important, comes from the English soccer industry. Oxford City Football Club aims to become the first National League soccer club to accept payments in BTC on match days when the season kicks off on August 6.

Fans will be able to purchase tickets, food and drinks at Oxford City's RAW Charging Stadium with Bitcoin through the Lightning Network. Old payment methods such as cash and card will still be accepted.

Oxford City Football Club (OCFC) currently plays in the sixth tier of English soccer, the National League South. The club has entered into a multi-year partnership with CoinCorner, an Isle of Man-based Bitcoin company. CoinCorner will be a shirt sponsor for the club.

For crypto adoption to be fully realized, it is important that acceptance occurs in all branches of society. So this is small, but very good news.

Honduras launches "Bitcoin Valley"

A small tourist town in Honduras has begun accepting Bitcoin payments (BTC) as part of the Bitcoin Valley initiative, designed to increase tourism revenue in 60 local businesses.

Some Santa Lucia residents, such as the owner of the shopping center Cesar Andino, expect the initiative to provide more opportunities for stores in the area and "attract more people who want to use this currency," according to a report by the Honduran news agency La Prensa. Andino added:

"Accepting Bitcoin will allow us to open another market and gain more customers. We have to globalize. We can't close ourselves off to technology, and we can't be left behind when other countries are already doing it."
The program launched Thursday, allowing customers of nearby stores to pay with U.S. dollars, Honduran Lempira or Bitcoin.

The Santa Lucia City Council developed the Bitcoin Valley program in partnership with crypto exchange Coincaex, Blockchain Honduras and the Technological University of Honduras.

Brazilian soccer club signs new player with crypto payment

The front pages of Argentine news now feature a news item that symbolizes the economic crisis in which the country finds itself.

The transfer of Argentine midfielder Giuliano Galoppo from Banfield's Athletic Club to Brazil's Sao Paulo Futebol Clube was made in USD Coin (USDC), over $6 million and up to $8 million, depending on the volatile exchange rate of the Argentine peso. The transfer was made possible through a partnership with the Mexican crypto exchange Bitso.

The transfer took place during a very tough economic situation for Argentine sports clubs. The exchange rate differential between the peso and the US dollar continues to increase, making soccer players ineligible for a contract with an international team and forcing them to renegotiate their contracts to adjust their salaries to the highly volatile USD price.

This was all the major crypto news of the past week. Earlier this week we wrote about the US city of Miami entering into an NFT partnership with big names such as TIME, Mastercard and Salesforce. You can read more about this in the article "Miami enters into NFT partnership with TIME, Mastercard and Salesforce".

Luc Smits van Oyen
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