Luxury Fashion Firm Farfetch Begins Accepting Crypto Payments
British-Portuguese online luxury fashion retail platform, Farfetch has announced it will begin accepting cryptocurrency payments for its goods and services in the next couple of months.
The company, currently trading publicly on the New York Stock Exchange said the crypto payments feature will first be introduced to its private clients in the next couple of months.
Expansion of the crypto payments flexibility will be expanded to all customers before the end of this year with immediate access to customers in the United States, the United Kingdom, and Europe. Other countries will follow shortly afterward.
The London-headquartered company said initial payments will be in seven major digital currencies including Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB) amongst others.
The crypto payments capabilities will be made possible with the active partnership with Lunu, a global crypto payments platform that will provide POS terminals at all of Farfetch’s locations as well as the payment gateway for those shopping online.
“FARFETCH launched cryptocurrency payments in two very distinct environments – the mono-brand boutique, with Off-White, and the multi-brand boutique, with Browns. This was a crucial step to test and learn, and we are excited to share our technical and service know-how with our community,” José Neves, Founder, Chairman, and CEO, FARFETCH. “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 will not be the first, nor will be the only luxury fashion brand to embrace crypto payments. Gucci made the plunge back in May when the company confirmed it has started accepting crypto payments beginning with customers in its North American stores. Gucci had a slightly more expanded range of crypto it accepts including Shiba Inu and Dogecoin.