- Farfetch (NYSE:FTCH) joins the growing list of retailers who have recognized cryptocurrency as a worthy payment method.
- The crypto payments will be limited to Farfetch’s private clients at first before expanding to customers from other regions.
- The operation will commence fully later this year.
Farfetch, an online luxury fashion hub, joins the growing list of retailers who have recognized cryptocurrency as a worthy payment method. According to a June 10 publication from TheIndustry.fashion, Farfetch intends to start accepting payments in cryptocurrencies later this year.
Farfetch will be partnering with Lunu, a Berlin-based start-up, to facilitate the crypto payment. Acceptable payments will include Bitcoin, Ethereum, Binance Coin, Ripple (XRP), and three others.
Customers will pay by scanning a QR code from their smartphone. Notably, the cryptocurrency payments will be limited to Farfetch’s private clients at first before expanding to customers from other regions like the United States and the United Kingdom.
José Neves, founder and CEO of Farfetch said:
As a platform company, we are continually innovating to serve as the bridge for the luxury industry to new technologies and environments where the luxury customer is today, and where they’ll be tomorrow. With this move, we look forward to empowering our incredible boutique and brand partners to embrace cryptocurrency.
Farfetch is an online luxury fashion retail platform that sells products from more than 3,500 brands from around the world. It currently serves customers in over 190 countries with items from more than 50 countries. Farfecth has revenue in excess of £743 million.
In other news, Lunu recently announced a partnership with Ripple, a blockchain-based digital payment network and protocol. The partnership would enable Lunu’s luxury retail clients to accept payment in cryptocurrency using the Liquidity Hub of Ripple.
Cryptocurrencies are digital assets whose value and transactions are verified cryptographically, rather than by a central financial authority.