Farfetch, a digital luxury fashion platform, has announced plans to start accepting cryptocurrency payments. The company is targeting cryptocurrency users, and it will start by accepting seven cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB).
Farfetch endorses crypto
According to a Marketwatch report, the British-Portuguese luxury brand would introduce cryptocurrency payments to private clients over the coming months. The digital currency payments would be expanded to US, UK, and Europe customers. The company also said that other countries would be included in these plans.
The company will make cryptocurrency payments possible through a partnership with Lunu, a cryptocurrency exchange platform based in Germany. The partnership will provide point-of-sale terminals that will support in-store transactions. These terminals will allow customers to access cryptocurrency wallets and make payments by scanning a QR code.
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Lunu is one of the key players in the German crypto market. Days before this announcement, Ripple partnered with Lunu top support luxury retailers to endorse cryptocurrencies as a means of payment. Lunu is also working with other renowned brands in the luxury market.
The chairman and CEO of Farfetch, Jose Neves, noted that the company’s decision to endorse cryptocurrency payments was a way to embrace innovation and learn more about the crypto space.
“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,” Neves added.
Luxury brands endorse crypto
The cryptocurrency market has grown in size and adoption over the past few years. The sector is especially appealing to the young demographic, and companies that want to attract this demographic have endorsed crypto offerings.
Over the past few months, there has been a rise in the number of luxury brands embracing Bitcoin and other forms of cryptocurrencies. Balenciaga, a fashion brand based in France, announced it would accept Bitcoin and Ether payments.
Gucci has not only endorsed crypto, but it is also immersing itself in the Web3 sector. The company already accepts multiple cryptocurrencies in selected US stores, including Bitcoin, Ether, Dogecoin, and Shiba Inu. The other high-end brands that have joined the cryptocurrency sector include Tag Heuer, a Swiss watchmaker, and Continental Diamond, a jewellery store based in St Louis.
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