The British-Portuguese luxury e-tailer, Farfetch, is all set to debut in the cryptocurrency space.
According to an exclusive report by MarketWatch, Farfetch will start accepting Bitcoin and other cryptocurrency payments on its marketplace. The move marks a major validation for the industry from a leading luxury brand.with high-end private clients at European stores located in Paris, London, Milan, and Browns before expanding to all customers in the US, UK, and Europe from late 2022. The feature will then be rolled out to other countries.
Farfetch will start by accepting seven cryptocurrencies, including Bitcoin, Ethereum, and Binance Coin. José Neves, founder, chairman, and CEO of Farfetch, said the decision to add crypto payments was a crucial step to test and learn. The executive went on to add, “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.”
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.with Lunu to enable luxury retailers to accept digital assets as a means of settlement. The Berlin-based company was reportedly working closely with the Farfetch and Steven Stone, the Italian Off-White, among others.
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