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Luxury E-Tailer Farfetch is Tapping Into Crypto Crowd

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According to an exclusive report from MarketWatch, Farfetch will begin accepting payments in bitcoin and other cryptocurrencies on its marketplace. The move marks a major test for the industry by a leading luxury brand.

Farfetch Accepts Cryptocurrency

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Originally a retailer plans to fly with elite private customers in European stores located in Paris, London, Milan and Browns, and from the end of 2022 will extend to all customers in the US, UK and Europe. This feature will then be rolled out to other countries.

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Farfetch will start by accepting seven cryptocurrencies including Bitcoin, Ethereum and Binance Coin. Jose Neves, founder, chairman and CEO of Farfetch, said the decision to add crypto payments was an important step for testing and learning. The Executive Director added

“As a platform company, we are constantly innovating to serve as a bridge for the luxury industry to new technologies and environments where the luxury shopper is today and will be tomorrow. With this move, we hope our incredible boutique and brand partners will be able to use cryptocurrency.”

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The company also announced a partnership with German cryptocurrency payment gateway provider Lunu. The latter is expected to offer appropriate rails for accepting cryptocurrencies, as well as merchant terminals for in-store payments.

The latest development comes days after blockchain company Ripple teamed up with Lunu to allow luxury goods retailers to accept digital assets as a means of payment. The Berlin-based company has reportedly worked closely with Farfetch and Steven Stone, Italy’s Off-White, among others.


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Luxury and Cryptocurrency

In an effort to appeal to young people, luxury brands are increasingly using bitcoin and other forms of digital money.

French fashion brand Balenciaga previously announced the introduction of cryptocurrency payment in bitcoin and ether. Gucci, which has established itself as one of the early adopters of Web3 technologies, said it will start a trial, initially accepting payments in 12 cryptocurrencies, including bitcoin, dogecoin and shiba inu, at select US stores.

Other high-end brands have also joined the luxury trend, such as the Swiss watch company Tag Heuer, St. Louis-based jewelry store Continental Diamond, etc.

Featured image courtesy of Quick Telecast

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