Luxury Fashion Brand Farfetch to Accept Cryptocurrency Payments

Farfetch to Accept Crypto Payments

Farfetch will initially accept seven cryptocurrencies including Bitcoin (BTC), Ethereum (ETH) and Binance Coin (BNB), among others. It will be first introduced to the company's private clients in the coming months, and will be expanded to include all U.S., U.K., and European customers with more to follow, the company said. The news comes after the successful launch of cryptocurrency payments at Off-White’s flagship stores in Paris, London and Milan, as well as Farfetch-owned luxury retailer Browns.

Balenciaga is also among the latest luxury brands to be a member of the crypto club. In May, the fashion brand announced that some of its stores in the U.S. would start accepting Bitcoin (BTC) and Ether (ETH) payments. Other luxury companies such as TAG Heuer, Gucci, Off White have also announced that they would be accepting crypto payments.

Partnership With Lunu

To enable the crypto payments, Farfetch has partnered with German-based cryptocurrency platform startup Lunu, which accepts more than 60 popular crypto wallets as a form of payment from customers for its point-of-sale terminals enabling in-store transactions. Customers will be able to access their crypto wallets using Lunu terminals and make the purchase by scanning a QR code. Recently, Ripple entered into a partnership with Lunu to provide digital asset payment options for luxury retail stores across Europe.