Farfetch, a British-Portuguese luxury clothing retailer, said that it would soon accept crypto assets thanks to its partnership with Lunu (German crypto platform). Farfetch accepts seven types of crypto assets such as bitcoin, ethereum, binance and ether. This feature will initially be offered to select customers and later expanded to the public.
Luxury House Farfetch Partners with Lunu, and plans to accept 7 different crypto assets for payments
High-end and luxury fashion houses have begun to explore the possibilities of blockchain and digital currencies. Gucci, a high-end fashion brand, revealed that its retail outlets will now accept cryptocurrency for products and services during the first week in May. Market Watch now knows that Farfetch is planning to accept crypto assets. It has announced its partnership with Lunu, an American-based cryptocurrency 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 start accepting seven crypto assets. Beta testing will be done with whitelisted clients. Later this year, Farfetch’s crypto acceptance will expand after the testing into the U.S., U.K., and Europe.
In the last year, crypto has been a popular choice for luxury products sellers. For instance, both luxury auction houses Sotheby’s and Christie’s accept crypto assets for payments. Michele Franzese Moda, an Italian luxury brand, has announced that it will be accepting crypto assets. Franck Muller is a Luxury Watchmaker and also accepts cryptocurrency. Browns, a Farfetch-owned chain of retail stores will accept crypto currencies.
Farfetch’s acceptance of digital currencies as payment follows Ripple’s partnership with Lunu, which allows luxury retailers to accept crypto currency. “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.”
How do you feel about Farfetch’s partnership with Lunu? Will they accept crypto assets payments over the next months? Please comment below to let us know your thoughts on this topic.
Image creditShutterstock, Pixabay and Wiki Commons, Stella McCartney Fashion Show Photo By Shutterstock Contributor sama_ja
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