Farfetch to accept cryptocurrency payments
Farfetch Ltd. said Friday that it will start allowing payments in cryptocurrencies later this year.
The British-Portuguese digital luxury-fashion platform said it will initially accept seven cryptocurrencies including Bitcoin, Ethereum and Binance Coin on its Farfetch Marketplace.
Digital currency payments will be first introduced to the company’s private clients in the coming months, and will be expanded to include all U.S., U.K. and European customers later in the year, with more to follow, the company said.
The company added that it has partnered with German cyrptocurrency platform startup Lunu for its point-of-sale terminals enabling in-store transactions. At the terminals, customers will be able to access their crypto wallets and make payments by scanning a QR code, the company said.
The decision to accept digital payments builds on smaller tests of cryptocurrency payments using Lunu’s terminals at Off-White flagship stores in Paris, London and Milan including in Browns, Farfetch’s own luxury retailer, the company said.
On the trial run, José Neves, founder, chairman and CEO of Farfetch, said: “This was a crucial step to test and learn, and we are excited to share our technical and service know-how with our community.”
Neves continued: “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.”
