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Libra: Farfetch becomes founder member of leading blockchain initiative

Lauretta Roberts
18 June 2019

Farfetch has joined the Libra Association and will work closely with other Founding Member organisations in the lead-up to the public launch of the Facebook-led initiative in the first half of 2020.

The Libra Association will be responsible for operating and developing the Libra Blockchain, which will be secure, scalable, and reliable. It will support a wide range of business uses as well as a digital currency (cryptocurrency). Farfetch will participate in the ongoing technical, architectural and operational development of the Association.

Blockchain technology has long been of interest to Farfetch, the company said, and it has been researching its potential applications for the luxury industry. The company believes that the Libra Blockchain will help to enable frictionless e-commerce and will form an important part of the company’s broader blockchain strategy that will develop over time.

Stephanie Phair, Chief Strategy Officer, Farfetch said: “Farfetch is delighted and honored to join the Libra Association as a Founding Member. We have been looking at blockchain technology to help solve a range of fashion industry issues. We were delighted to be approached by the Association for this initiative, which we believe will enable frictionless e-commerce for hundreds of millions of people around the world.”

Jose Neves, CEO and Co-Chair, Farfetch added: “We believe blockchain will benefit the luxury industry by improving IP protection, transparency in the product lifecycle and - as in the case of Libra - enable global frictionless e-commerce.

"As a Founding Member of the Libra Association, we will actively participate in the technical development of the blockchain, whilst at the same time being able to learn from our participation and accelerate our other blockchain projects.”

Other founder members of the Libra Association are: payments - Mastercard, PayPal, PayU (Naspers' fintech arm), Stripe, Visa; technology and marketplaces - Booking Holdings, eBay, Facebook/Calibra, Farfetch, Lyft, Mercado Pago, Spotify Technology S.A., Uber Technologies, Inc.; telecommunications - Iliad, Vodafone Group; blockchain - Anchorage, Bison Trails, Coinbase, Inc., Xapo Holdings Limited; venture capital - Andreessen Horowitz, Breakthrough Initiatives, Ribbit Capital, Thrive Capital, Union Square Ventures; and non-profit and multilateral organizations, and academic institutions - Creative Destruction Lab, Kiva, Mercy Corps, Women's World Banking.

Read our guide to Libra here.

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