Farfetch, a British-Portuguese Luxury E-Tailer, is set to make its Cryptocurrency Debut

Farfetch, a British-Portuguese Luxury E-Tailer, is set to make its Cryptocurrency Debut
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BUSINESS

Farfetch, a British-Portuguese Luxury E-Tailer, is set to make its Cryptocurrency Debut

Farfetch will begin accepting Bitcoin and other cryptocurrency payments on its marketplace.

06/13/2022

According to a MarketWatch exclusive, Farfetch will begin accepting Bitcoin and other cryptocurrency payments on its marketplace. The action represents a significant affirmation for the industry from a big luxury brand.

Initially, the retailer intends to test the concept with high-end private clients in European locations in Paris, London, Milan, and Browns before expanding to all customers in the US, UK, and Europe in late 2022. The feature will then be made available in additional nations.

Farfetch Accepting Crypto

To begin, Farfetch will take seven cryptocurrencies, including Bitcoin, Ethereum, and Binance Coin. Farfetch’s creator, chairman, and CEO, José Neves, stated that adding crypto payments was a critical step to test and learn. The executive continued,

“As a platform firm, we are always developing to act as the luxury industry’s bridge to new technologies and places where the premium client is today and will be tomorrow.” We look forward to encouraging our fantastic boutique and brand partners to embrace cryptocurrency with this move.”

The company has also announced partnering with German crypto payment gateway provider Lunu. The latter is expected to offer the relevant rails for accepting cryptocurrencies as well as point-of-sale terminals for in-store payments, according to the report.

The latest development comes only days after Ripple partnered with Lunu to allow premium businesses to accept digital assets as payment. The Berlin-based company was apparently working closely with Farfetch and Steven Stone, as well as the Italian Off-White.

Luxury and Crypto

Luxury firms are rapidly adopting Bitcoin and other forms of digital money in order to attract a younger audience.

Balenciaga, a French fashion house, had previously stated that it will accept cryptocurrency payments in Bitcoin and Ether. Gucci, an early adopter of Web3 technology, said that it would begin a trial by taking 12 cryptocurrencies, including Bitcoin, Dogecoin, and Shiba Inu payments, at some US stores.

Other high-end brands, such as Swiss watchmaker Tag Heuer and St. Louis-based diamond retailer Continental Diamond, have joined the premium trend.

By Elah Mae Ariate Wozinga Staff

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