Report: Luxury Fashion Retailer Farfetch to Accept Crypto Assets for Payments
Table of Contents
Luxurious fashion retailer Farfetch announced it will accept crypto assets soon thanks to its partnership with the German cryptocurrency platform Lunu. In addition to bitcoin, ethereum, and binance coins, Farfetch will accept seven different crypto assets. The feature will be rolled out to selected clients and then extended to the general public.
Luxury and high-end fashion houses have been entering the world of blockchains and digital currencies, such as non-fungible tokens (NFTs). It was announced on May that Gucci would accept cryptocurrency for its stores. Farfetch plans to accept cryptocurrency assets as it revealed to Market Watch it has partnered with Lunu, an online crypto platform in Germany.
Farfetch will leverage Lunu’s point-of-sale infrastructure, and they believe the decision to accept crypto was inspired by Off-White stores in Milan, Paris, and London that have already utilized Lunus’ Farfetch will accept seven different crypto assets to start, and the beta testing of the feature will begin with whitelisted clientele. The testing will expand Farfetch’s crypto acceptance later this year into Europe, the United States, and the United Kingdom.
It seems that luxury goods sellers have gravitated toward crypto in recent years. At Christie’s and Sotheby’s, for example, both luxury auction houses accept crypto assets. Michele Franzese Moda, a luxury brand, said this year that it will accept crypto assets. Franz Muller, a luxury watchmaker, accepts crypto assets as well. Farfetch’s retail chain store, Browns, will also accept cryptocurrency.
Ripple, a crypto solutions company, partnered with Lunu to allow luxury retailers to accept cryptocurrency assets to make payments using Farfetch. Rajesh Madhaiyan, director of the Lunu product division, said in June:
“For luxury retailers, it is vital to stay on top of the latest trends, and when it comes to payments the greatest innovation is coming from the evolving crypto scene. thanks to Lunu, these retailers get access to new, younger, more affluent audiences that are constantly growing in numbers.”