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.
Initially, the retailer plans to pilot 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.
The latest development comes days after the blockchain firm, Ripple, teamed up 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.
In a bid to attract the younger crowd, luxury brands are increasingly embracing Bitcoin and other forms of digital money.
French fashion brand Balenciaga earlier announced incorporating cryptocurrency payment in Bitcoin and Ether. Gucci, which has established itself as an early adopter of Web3 technologies, revealed that it would start a trial by initially accepting 12 cryptocurrencies, including Bitcoin, Dogecoin, and Shiba Inu payments in some US stores.
Joining the luxury trend are other high-end brands such as Swiss watchmaker Tag Heuer, St. Louis-based jewelry store Continental Diamond, etc.
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Chayanika has been working as a financial journalist for three years. A graduate in Political Science and Journalism, her interest lies in regulatory implications with a focus on technological evolution in the crypto realm. Contact:Linkedin
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