Farfetch to start accepting cryptocurrency payments

Luxury e-tailer Farfetch has announced it will start accepting cryptocurrency payments on its marketplace later this year, initially starting with the retailer’s Private Clients and then expanding to all customers in the US, UK and Europe from late 2022, with other countries to follow.

The offer will begin with seven cryptocurrencies, including Bitcoin, Ethereum and Binance Coin.

The launch follows a successful trial run of the offer with Farfetch-owned retailer Browns and a selection of Off-White’s flagships.

On the trial run, José Neves, founder, chairman and CEO of Farfetch, said: “This was a crucial step to test and learn, and we are excited to share our technical and service know-how with our community.”

Neves continued: “As a platform company, we are continually innovating to serve as the bridge for the luxury industry to new technologies and environments where the luxury customer is today, and where they’ll be tomorrow. With this move, we look forward to empowering our incredible boutique and brand partners to embrace cryptocurrency.”

Next to this announcement, Farfetch also said it has partnered with cryptocurrency platform Lunu for its omnichannel solution, which it will share with others in the luxury industry and brands in the Farfetch community that may also want to offer the feature in their retail stores.