Farfetch to accept crypto assets for payments
The British-Portuguese luxury fashion retailer Farfetch announced it will accept crypto assets soon and its partnership with the German-based crypto platform Lunu to offer the feature.
Farfetch’s customers will soon be able to scan a QR code to connect their crypto wallet and purchase goods and services from the retailer’s marketplace using one of the seven cryptocurrencies, including Bitcoin, Ethereum, and Binance Coin.
According to founder, chairman, and CEO of Farfetch, José Neves, the decision to accept cryptocurrencies as a payment method was a significant move to test and learn, he went on to explain, ‘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.’
Initially, the retailer will accept crypto payments from its high-end private clients at European stores located in Paris, London, Milan, and Browns ahead of an expansion to include all customers in the U.S., UK, and Europe at the end of the year. Other countries will follow in 2023.
The announcement follows the crypto solutions company Ripple’s partnership with Lunu to allow customers to purchase goods and services from luxury retailers. ‘For luxury retailers, it is vital to stay on top of the latest trends, and when it comes to payments the greatest innovation is coming from the evolving crypto scene,’ Lunu’s director of product Rajesh Madhaiyan said. ‘Thanks to Lunu, these retailers get access to new, younger, more affluent audiences that are constantly growing in numbers.’
Luxury retailers have been flocking to the crypto marketplace, such as Italian luxury fashion house Balenciaga announced its plans to accept Bitcoin and Ethereum as payment and is designing a long-term Metaverse business strategy. Joining the list are also luxury retailers Gucci, Tag Heur, Michele Franzese Moda and Franck Muller.