Joining the growing list of retailers who have recognized cryptocurrency as a worthy payment method is Farfetch, an online luxury fashion hub. According to TheIndustry.fashion on June 10, Farfetch intends to start accepting payments in cryptocurrencies later this year.
Partnering with Lunu, a Berlin-based start-up to facilitate crypto payment. Farfetch will be accepting payments which include Bitcoin, Ethereum, Binance Coin, Ripple (XRP), and three others.
Customers will be paying by scanning a QR code from their smartphone. In the initial part, the cryptocurrency payments will be limited to Farfetch’s private clients first before expanding to customers from other regions like the United States and the United Kingdom.
José Neves, founder and CEO of Farfetch said:
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.
With over 3,500 brands from around the world, Farfetch is an online luxury fashion retail platform that currently serves customers in over 190 countries with items from more than 50 countries. Farfetch has revenue exceeds £743 million.
On the other hand, Lunu recently collaborated with Ripple, a blockchain-based digital payment network and protocol. By using the Liquidity Hub of Ripple, this partnership would enable Lunu’s luxury retail clients to accept payment in cryptocurrency.