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Luxury Fashion Retailer Farfetch Is Planning to Accept Crypto Assets As A Payment Method

Farfetch is a British-Portuguese luxury fashion retailer. Recently it was revealed to Market Watch that soon enough, Farfetch will accept crypto assets. Fafetch has partnered with the German crypto platform ‘Lunu.’ Experts suggest that through the partnership, Farfetch will be able to accept cryptocurrencies. 

The crypto industry is growing at an extraordinary pace. Despite the recent crypto crash gloom, the industry is not stopping growing. Every day, it gets diversified as newer companies join in on the crypto market, and millions of dollars are invested. 

Subsequently, high-end and luxury fashion brands are also becoming a part of the crypto sector. In May, Gucci, the luxury fashion house, revealed that all its retail stores would accept crypto services in return for goods and services. Similarly, Franck Muller, a luxury watch brand, also accepts crypto payments and is on the list of the many luxury fashion retailers investing in blockchain concepts like NFTs and digital currencies. 

Additionally, the luxury fashion retailer, Farfetch told Market Watch that it has formally partnered with a German-based crypto platform, Lunu. Soon enough, it will start accepting crypto payments. 

Off-White stores in Paris, Milan, and London that are already using Lunu’s technology played a vital role in aiding the decision-making process for Farfetch to accept crypto payments. Consequently, Farfetch will leverage the point-of-sale infrastructure of the German-based crypto platform. 

Farfetch has revealed that the company will accept payments through seven different digital currencies like bitcoin, ethreuem, and binance money. Initially, the beta testing phase will be carried out, and this feature will only be available to select clients. However, it is believed that before the end of this year, Farfetch’s crypto acceptance will expand into Europe, the UK, and the United States after the testing. 

Director of product at Lunu, Rajesh Madhaiyan, stated that it is essential for luxury retailers to stay on top of the latest trends. He added that when it comes to the acceptance of payments, the evolving crypto sector is the greatest innovation in this regard. Madhaiyan made the statement on June 7. He further acknowledged Lunu stating that thanks to Lunu, the retailers are now getting easy access to a whole new audience that is younger, new, more affluent, and continuously growing in numbers.