Luxury e-retailer Farfetch to debut in the crypto space.
Farfetch, a British-Portugese luxury retailer in the eCommerce domain is going to make an entrance into the crypto domain. Per details released to the media, Farfetch is going to start accepting payments in BTC and other crypto. This acceptance of crypto on a marketplace is a huge validation for the luxury brands segment.
The initial start will be via a pilot project in which specific European cities like Milan, Paris and London will take payments from private, high-end clients. Once the pilot goes well, this feature will be introduced in other countries. Farfetch is set to take payments in ETH, BTC and Binance Coin. CEO José Neves said that the company made the decision to accept crypto. This is a hugely important step in the testing and learning process.
He also said that as a company, they want to innovate on a continual basis. The idea is to become a bridge between luxury products and new technologies. The company wants to facilitate customer interaction and embrace crypto to empower their boutique. The company is also partnering with Lunu, a German payment gateway for crypto. This development comes on the heels of Ripple teaming up with Lunu to help luxury brand retailers to accept payments in digital assets.
Luxury retailers are enthusiastically embracing crypto and other digital payment methods to attract a younger customer base. Balenciaga – famed French brand also announced that it would be adding crypto payment methods to its website. Gucci is the first luxury brand to adopt Web3 technology and is accepting 12 currencies at some of its US stores.