FARFETCH Joins Gucci and Other Luxury Brands in Accepting Crypto Payments

Luxury Platform Farfetch will accept cryptocurrency payments for all purchases on the FARFETCH Marketplace, with plans to expand to FARFETCH private customers in the coming months and to all customers in the US, UK and Europe by the end of 2022. FARFETCH successfully conducted a cryptocurrency test at its Browns points of sale and select White flagships in March 2022 using the global cryptocurrency platform Lunu, which provides both point-of-sale terminals for in-store transactions and an online widget. Lunu POS was used in FARFETCH’s crypto test at Browns Brook Street and Browns East, in addition to Off-White flagships in Paris, Milan and London.

FARFETCH customers can scan a QR code to access their cryptocurrency wallets and use more 60 popular forms of crypto payments. The partnership will allow FARFETCH to share capabilities with brands on its platform and with those who wish to extend the service to points of sale.

According The Wall Street Journalluxury retailers are embracing cryptocurrency payments to stay relevant with the next generation of affluent consumers, noting that many shoppers under the age of 40 have invested in currencies such as Bitcoin, Ethereum and Binance Coin. Young consumers are also interacting with brands through their presence in the metaverse, aligning virtual experiences with the need for cryptocurrency. In May 2022, Kering S.A. brands Gucci and Balenciaga revealed plans to start accepting cryptocurrency, and LVMHit is Tag Heuer said it would accept cryptocurrency payments in the United States

“FARFETCH launched cryptocurrency payments in two very distinct environments – the single-brand store, with Off-White, and the multi-brand store, with Browns,” said José Neves, Founder, President and CEO of FARFETCH in a statement. “This was a crucial step to test and learn, and we are excited to share our technical and service know-how with our community. As a platform company, we are continually innovating to serve as a bridge between the luxury and the new technologies and environments where the luxury shopper is today and where they will be tomorrow. With this decision, we look forward to empowering our amazing boutique and brand partners to embrace cryptocurrency .

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