The luxury fashion e-commerce platform will accept cryptocurrency payment by the end of 2022. Farfetch will start by accepting seven cryptocurrencies on its digital channel, including Bitcoin, Ethereum and Binance Coin.
“This is a crucial test and learn step that will allow us to share our know-how and services with our community.”, he pointed out José Neves, Founder, Chairman and CEO of Farfetchit’s a statement.
However, e-commerce is already collaborating with the German cryptocurrency platform Lunu, to introduce payment with cryptocurrencies in its physical establishments. Luxury brands collaborating with Farfetch will be able to make use of this technology in 2023.
Though, farfetch the most advanced project it has in this area is in its other lines of business, Off-White and Browns, where they have already carried out test with some customers with payment through cryptocurrencies. Customers bought the product, scanned a QR code to access their crypto wallet, and could pay.
This new form of payment will begin to be available first for «private clients» and then it would be extended to the rest of the clients in the United States, the United Kingdom and Europe.
They are not the only luxury brand that accepts cryptocurrencies as a form of payment
Gucci also recently announced that it would accept cryptocurrency for payment. The Italian company launched a pilot project in the United States in May to allow payment with cryptocurrencies in some of its establishments in New York, Miami or Los Angeles.
In Spain, there are also companies in the sector that have introduced it, such as Two Jeys, specialized in jewelry.
