Farfetch joins in blockchain initiative as founding member

Luxury e-commerce platform Farfetch is getting in on blockchain technology as a Founding Member of the Libra Association, which is responsible for operating and developing the Libra Blockchain. According to an announcement from the online retailer, Farfetch will be working closely with other Founding Member organizations in anticipation of the initiative’s launch in 2020.

As a Founding Member, Farfetch will be participating in the ongoing technical, architectural, and operational development of the Libra Association.

Libra Association will be responsible for "operating and developing the Libra Blockchain" and will support a wide range of business uses as well as a digital currency.

“Farfetch is delighted and honored to join the Libra Association as a Founding Member,” said Stephanie Phair, the chief strategy officer of the brand, in a statement. “We have been looking at blockchain technology to help solve a range of fashion industry issues.” Phair also shared that they believe being part of the Libra Association and its blockchain initiative will help to bring seamless e-commerce to customers around the world.

While the brand will be working with Libra Association in the technical development of the blockchain, it hopes to also learn from the experience to develop its own blockchain projects, according to Farfetch CEO and co-chair Jose Neves. “We believe blockchain will benefit the luxury industry by improving IP protection, transparency in the product lifecycle and — in the case of Libra — enable global frictionless e-commerce,” he said in a statement.

Other founding members of the Libra Association include companies such as eBay, MasterCard, PayPal, Facebook, and more.

Image: Farfetch, Facebook