Report: Luxury Fashion Retailer Farfetch to Accept Crypto Assets for Payments

The British-Portuguese luxury fashion retailer Farfetch said it will accept crypto assets soon thanks to a partnership with the German crypto platform Lunu. Farfetch will accept seven different crypto assets including bitcoin, ethereum, and binance coin, and the feature will be rolled out to select clients and then expanded to the general public.

Luxury House Farfetch Partners With Lunu and Plans to Accept 7 Different Crypto Assets for Payments

Luxury and high-end fashion houses are dipping their toes into the world of digital currencies and blockchain concepts like non-fungible tokens (NFTs). During the first week of May, the luxury fashion house Gucci announced that its retail stores will accept crypto for goods and services. Now, the luxury fashion retailer Farfetch plans to accept crypto assets as the business has revealed to Market Watch that it has partnered with Lunu, a German-based crypto platform.

Farfetch will leverage Lunu’s point-of-sale infrastructure and according to the firm, the decision to accept crypto stemmed from Off-White stores in Milan, Paris, and London that have already been using Lunu’s technology. Farfetch will accept seven different crypto assets to start, and the beta testing of the feature will begin with whitelisted clientele. Later this year, Farfetch’s crypto acceptance will expand after the testing into the U.S., U.K., and Europe.

Sellers of luxury goods have been gravitating toward crypto during the last year. For instance, both luxury auction houses Sotheby’s and Christie’s accept crypto assets for payments. Italian luxury brand Michele Franzese Moda revealed it will accept crypto assets this year, and Luxury watchmaker Franck Muller accepts crypto as well. Cryptocurrencies will also be accepted at Browns, the retail chain store owned by Farfetch.

The news about Farfetch accepting digital currencies for payments follows the crypto solutions company Ripple partnering with Lunu in order to enable luxury retailers to accept crypto assets. “For luxury retailers, it is vital to stay on top of the latest trends, and when it comes to payments the greatest innovation is coming from the evolving crypto scene,” Lunu’s Rajesh Madhaiyan, director of product, said on June 7. “Thanks to Lunu, these retailers get access to new, younger, more affluent audiences that are constantly growing in numbers.”

What do you think about Farfetch partnering with Lunu and accepting crypto asset payments in the coming months? Let us know what you think about this subject in the comments section below.