Farfetch, a British-Portuguese luxury clothing retailer, said that it will soon accept crypto assets thanks to a partnership agreement with Lunu, a German crypto platform. Farfetch will accept seven crypto assets, including bitcoin, ethereum and binance coins. The feature will first be available to selected clients, then it will be made available 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 are exploring the world of digital currencies as well as blockchain concepts such non-fungible tokens. Gucci , a luxury fashion house, announced in May that its retail stores would accept cryptocurrency for goods and services. Farfetch, a luxury fashion retailer, plans to accept crypto assets. Farfetch has disclosed to Market Watch, that it has partnered Lunu a German-based cryptocurrency platform.
Farfetch will use Lunu’s point-of sale infrastructure. According to the company, the decision to accept cryptocurrency stemmed from Off White stores in Milan, Paris and London, which have been using Lunu technology. Farfetch will start accepting seven crypto assets. Beta testing will be done with whitelisted clients. After the testing in the U.S., U.K. and Europe, Farfetch will accept crypto assets.
In the past year, luxury goods sellers have gravitated towards crypto. Both luxury auction houses Sotheby’s as well as Christie’s now accept crypto assets. Michele Franzese Moda , an Italian luxury brand, has revealed that it will accept crypto assets. Franck Muller , a Luxury watchmaker, also accepts cryptocurrency. Browns, a Farfetch-owned retail chain store, will accept crypto currencies.
Farfetch now accepts digital currencies as payment. This news comes after Ripple , a crypto solutions company, partnered with Lunu to allow luxury retailers to accept cryptocurrency assets. Rajesh Madhaiyan (director of product at Lunu) stated that luxury retailers must keep up to date with the latest trends. “When it comes to payment, the greatest innovation comes from the evolving cryptocurrency scene.” These retailers have access to new, younger and more wealthy audiences thanks to Lunu.