Digital platform dedicated to luxury fashion, Farfetchhas recently announced that it will begin to accept crypto payments. The company’s aim is to target crypto enthusiasts and users and initially, it is offering support for a total of seven cryptocurrencies. These include the top options in the market, such as Bitcoin (BTC), Ethereum (ETH) and Binance Coin (BNB).
Luxury brand endorses crypto
The news about the British-Portuguese brand was disclosed in a report by Marketwatch. Crypto payments would soon be made available to private clients in the coming months. The payment method would be offered to the luxury brand’s clients in multiple jurisdictions, including the United States, United Kingdom, as well as Europe. The company further added that they would continue adding countries to the list.
In order to provide this facility to its clients, Farfetch has entered into a partnership with a crypto exchange called Lunu, which is based in Germany. The crypto exchange will provide Farfetch with point-of-sale terminals, which will come in handy because they will enable in-store transactions. Customers will be able to use these terminals for accepting their crypto wallets and scan a QR code in order to make their payments.
Lunu has become a prominent name in the German crypto space. Days before Farfetch announced its partnership with the company, Ripple Labs had also announced its partnership with Lunufor helping luxury retails in providing support for facilitating crypto transactions. The German crypto exchange is also working with a number of other companies in the luxury market.
Jose Neves, the chief executive and chairman of Farfetch, said that the company had decided to endorse crypto because it wants to understand the crypto space and is always ready to embrace innovation. Neves stated that they were a platform firm, so they were constantly making innovations. The CEO said that their goal was to act as a bridge for luxury brands in order to give them access to new environments and technologies. He said that they were looking to empower their clients and embrace cryptocurrencies as well.
Crypto adoption growing
The last couple of years have seen the crypto market grow, not just in terms of size, but also adoption as well. The young population, in particular, finds it very appealing and companies that are targeting this demographic are clamoring to endorse crypto offerings. In the last couple of months, a number of luxury brands have embraced Bitcoin as well as numerous other cryptocurrencies. A renowned French fashion brand, Balenciaga recently announced that it was offering support for crypto payments in Bitcoin and Ether.
Likewise, Gucci has also endorsed the crypto space and is even dipping its toes in Web3. The company is already offering support for crypto payments in various stores and coins that are supported include Bitcoin, Dogecoin, Ether and ShibaInu. Jewelry brand Continental Diamond based in St Louis and Swiss watchmaker Tag Heur are some of the other brands that have added support for cryptocurrencies.