Farfetch will soon accept crypto assets thanks to a cooperation with Lunu. Farfetch will take bitcoin, ethereum, and binance coin, and the capability will be pushed out to select clients and subsequently the public.
Farfetch, a high-end fashion house, has partnered with Lunu and plans to accept seven different crypto assets as payment.
Luxury and high-end fashion brands are dabbling in digital currency and blockchain concepts such as non-fungible tokens (NFTs). Gucci, the luxury fashion business, announced in the first week of May that its retail outlets will accept cryptocurrency for goods and services. Farfetch, a premium garment store, has announced to Market Watch that it has joined with Lunu, a German-based crypto platform, to accept crypto assets.
Farfetch will use Lunu’s point-of-sale infrastructure, and the choice to take cryptocurrency was influenced by Off-White boutiques in Milan, Paris, and London, which already use Lunu’s technology. To begin, Farfetch will accept seven different crypto assets, and the feature will be beta tested with whitelisted clients. Following the testing, Farfetch’s crypto acceptance will be expanded throughout the United States, the United Kingdom, and Europe later this year.
During the past year, luxury goods sellers have been gravitating toward cryptocurrency. For example, both Sotheby’s and Christie’s, two of the world’s most prestigious auction houses, accept crypto assets as payment. This year, Michele Franzese Moda, an Italian luxury brand, announced that it will accept cryptocurrency, and Franck Muller, a premium wristwatch, has done the same. Cryptocurrencies will also be accepted at Browns, a Farfetch-owned retail business.
