London-based luxury fashion retailer, Farfetch Limited, has teamed up with Lunu, a Berlin-based cryptocurrency payment provider, to accept seven cryptocurrencies at first, including Bitcoin, Ethereum and Binance Coin.
Customers shopping on the luxury marketplace will be able to access their crypto wallet and make purchases by scanning a QR code.
Digital currency payments will be introduced to the company’s private clients first, before being expanded to all US, UK and European customers later this year.
Farfetch has also teamed up with cryptocurrency platform Lunu to allow brands and boutiques to accept cryptocurrency payments in their own stores. In early 2023, luxury brands using Farfetch Platform Solutions’ white-label technology will be able to accept cryptocurrencies.
“This was a crucial step to test and learn, and we are excited to share our technical and service know-how with our community. 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.”said José Neves, Founder, CEO of Farfetch.
