Farfetch to start accepting cryptocurrency payments
Farfetch will start accepting payments in cryptocurrencies later this year, joining the growing list of retailers to recognise one of the fastest growing alternative payment methods.
The luxury fashion e-tailer partnered with Berlin-based cryptocurrency payment provider Lunu, and will initially accept seven cryptocurrencies including Bitcoin, Ethereum and Binance Coin.
In-store customers will be able to access their cryptocurrency wallets to pay for purchases by scanning a QR code from their smartphone. Digital currency payments will first be introduced to the company's private clients before expanding to include all US, UK and European customers later in the year in the coming months.
The announcement comes after successful launches of cryptocurrency payments using Lunu's terminals at Off-White’s flagship stores in Paris, London and Milan, as well as Farfetch-owned luxury retailer Browns.
Cryptocurrency are digital assets in which its value and transactions are verified cryptographically, rather than by a central financial authority.
José Neves, Founder 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.
"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."