Report: Luxury Fashion Retailer Farfetch to Accept Crypto Assets for Payments

British-Portuguese luxury fashion retailer Farfetch has announced that it will soon accept crypto assets through a partnership with German crypto platform Lunu. Farfetch will accept seven crypto assets, including Bitcoin, Ethereum, and Binance coin, and the feature will be rolled out to select clients and then expanded to the general public.

Luxury house Farfetch has partnered with Lunu and will accept seven different crypto assets for payments

Luxury and high-end fashion houses are stepping into the world of digital currencies and blockchain concepts like non-fundable tokens (NFTs) In the first week of May, luxury fashion maker Gucci announced that its retail stores will be accepting crypto for goods and services. crypto for its products and services. Now, luxury fashion retailer Farfetch plans to accept crypto assets, asrevealed to Market Watchthat the business has partnered withLunu. revealed to Market Watch that it has partnered with Lunu, a Germany-based crypto platform.

Farfetch will leverage Lunu’s POS infrastructure, and according to the company, the decision to accept crypto comes from Off-White stores in Milan, Paris, and London that are already using Lunu’s technology.Farfetch will first accept seven types of crypto assets, and beta testing of the feature will begin with white-listed customers. Later this year, Farfetch’s crypto acceptance will expand after testing to the US, UK, and Europe.

Sellers of luxury goods have been attracted to crypto during the past year. For example, luxury auction houses Sotheby’s and Christie’s both accept crypto assets for payment. Italian luxury brand Michele Franzese Moda revealed this year that it accepts crypto assets, and luxury watchmaker Franck Muller also accepts crypto. Cryptocurrency will also be accepted by Browns, a retail chain owned by Farfetch.

The news that Farfetch will accept digital currency for payments comes as crypto solutions company Ripple has partnered with Lunuto enable luxury retailers to accept crypto assets This follows Lunu’s product director Rajesh Madhaiyan, who said on June 7, “It is essential for luxury retailers to stay on top of the latest trends, and when it comes to payments, the greatest innovation will come from the evolving crypto scene.” Thanks to Lunu, these retailers can access a new, younger, more affluent audience that is constantly growing in numbers.”

Image Credits: Shutterstock, Pixabay, Wiki Commons, Stella McCartney fashion show photo by Shutterstock contributor sama_en.