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Farfetch now accepts crypto payments in 37 countries

By Huw Hughes

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Retail

Image: Farfetch

Shoppers from 37 countries can now buy products from luxury fashion platform Farfetch using cryptocurrencies.

The London-based company will initially accept payments on its marketplace using six cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and USD Coin (USDC).

To make payments, shoppers with a crypto wallet can simply scan the QR code displayed on the screen at the online checkout.

Farfetch Platform Solutions, the company’s suite of commerce solutions and retail technology for luxury brands and retailers, will also offer cryptocurrency payment capabilities for its clients, with Stadium Goods launching “imminently”.

Farfetch is the latest in a spate of fashion companies to introduce additional digital payment options in recent years following the stratospheric growth - and subsequent fall - of the crypto market during the pandemic.

Companies like Gucci, Philipp Plein, and Balenciaga all now accept crypto payments in addition to more conventional methods.

Edward Sabbagh, chief marketplace officer at Farfetch, said shoppers are “increasingly interested in new payment methods”.

“Innovation is at the core of our business and we are continually looking to implement new technologies that provide an enhanced shopping experience for our customers,” he said.

Cryptocurrency
Farfetch