The British fashion retailer Farfetch Limited will in future also accept various cryptocurrencies as a means of payment on its online platform. After the group had already introduced this option in selected Off-White and Browns stationary stores as part of a partnership with the payment service provider Lunu, the service will now be gradually introduced in e-commerce over the course of the year, the company announced on Friday. Initially, seven cryptocurrencies will be accepted, including Bitcoin, Ethereum and Binance Coin.
On the digital Farfetch marketplace, customers with private client status would already be able to pay with cryptocurrencies “in the coming months”, the company explained. At the end of the year, the offer should then be available for all customers in the USA, Great Britain and Europe. The expansion to other markets is already planned, according to a statement. From the beginning of 2023, Farfetch Platform Solutions’ partner brands will also be able to use the crypto payment solutions
Explaining the roll-out of the new offerings, José Neves, the group’s founder and CEO, said: “Farfetch has introduced cryptocurrency payments in two very different environments – the mono-brand boutique with Off-White and the multi-brand store with Browns. This was a critical step in testing and learning, and we look forward to sharing our technology and service expertise with our community,” he said in a statement. “As a platform company, we are constantly innovating to serve as the luxury goods industry’s bridge to new technologies and to the spaces where luxury consumers are today and will be in tomorrow.” With the move now announced, Farfetch will also also enable its “incredible boutique and brand partners to leverage cryptocurrencies,” according to Neves.