Farfetch to accept payment in cryptos
Bitcoin and altcoins

Luxury fashion retailer Farfetch to accept payment in cryptos

Anglo-Portuguese luxury fashion retailer Farfetch said it is set to accept payment in cryptocurrencies on its platform, and then in partner stores and retailers by the end of the year.

Farfetch is a fashion site with an international presence, offering brands and designers from around the world. The site was founded in 2008 by Portuguese entrepreneur José Neves, and the company is headquartered in London, with offices in several countries around the world. Since its inception, Farfetch has quickly become one of the biggest names in the luxury online retail market. The company provides a platform for the sale of designer brands ordering from boutiques around the world.

Farfetch is set to explore blockchain technology and cryptos

Indeed, Farfetch will accept crypto assets for payments.

The option will first be available to customers in the U.S., U.K. and Europe, before being expanded to other territories. Initially, the site will accept seven cryptocurrencies, including bitcoin (BTC), Ethereum (ETH) and Binance Coin (BNB).

To do so, the group has partnered with global crypto-currency platform Lunu, which offers, among other things, “elegant payment terminals for in-store transactions, as well as an online widget.”

The partners said they want to “help the luxury industry embrace these innovations” and will “share this expertise and capability with the Farfetch community of boutiques and brands who want to offer this payment solution in their retail stores in turn.”

This allows customers to access their cryptocurrency wallet to pay for their purchases by simply scanning a QR-code from their smartphone. Lunu accepts more than 60 popular cryptocurrency wallets as a payment method for Farfetch customers.

José Neves, CEO of Farfetch, said:

“… With this initiative, we are looking forward to enabling our amazing partner stores and brands to embrace cryptocurrency.”

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