British-Portuguese online luxury fashion retail platform Farfetch has finally added crypto into their payment module, after undergoing a successful trial in Off-White and Browns stores earlier this year.
As per the Vogue report, Farfetch released a statement detailing the accepted coins.
“Customers shopping in the luxury marketplace will be able to scan a QR code to access their crypto wallet and purchase goods using one of seven cryptocurrencies, including Bitcoin, Ethereum, and Binance Coin”.
At the moment crypto payments would be accepted from the retail firm’s top-tier “private clients” in the next few months, and then followed by a wider rollout to all customers in the US, UK, and Europe at the end of the year. In 2023, the functionality would be extended to other nations.
Farfetch has forged a partnership with cryptocurrency platform Lunu to allow brands and boutiques to accept crypto payments in their own retail stores. Luxury brands that use Farfetch Platform Solutions’ white-label technology will be able to accept cryptocurrencies in early 2023, it added.
“This was a crucial step to test and learn, and we are excited to [now] share our technical and service know-how with our community,” Farfetch founder, CEO, and chairman José Neves stated.
Crypto payments will also be accepted at Farfetch-owned Palm Angels’ flagship in Milan “imminently”, the firm said.
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.
More Retail Fashion brands Are Driving Crypto Adoption
Of all, German fashion house Philipp Plein is one of the most popular names in that club. Last year, it enabled its customers to pay in 15 digital assets that included Bitcoin and Ether.
Last month, Gucci announced that it will add crypto payments in some US stores, and plans to extend the pilot to all of its directly operated US stores by this summer. The move was seen as a pivotal point for crypto assets from a leading luxury brand.
Other noteworthy mentions are Swiss luxury watchmaker TAG Heuer and the French fashion brand Balenciaga.