British-Portuguese luxury fashion retailer Farfetch said it will soon accept crypto assets thanks to a partnership with German crypto platform Lunu. Farfetch will accept seven different crypto assets, including bitcoin, ethereum and binance coin, and the feature will be rolled out to select customers and later expanded to the general public.
Luxury House Farfetch Partners With Lunu And Plans To Accept 7 Different Crypto Assets For Payments
High-end and luxury fashion houses are diving into the world of digital currencies and blockchain concepts like non-fungible tokens (NFTs). During the first week of May, luxury fashion house Gucci announced that its retail stores will accept cryptocurrencies for goods and services. Now, luxury fashion retailer Farfetch plans to accept crypto assets, as the firm has revealed to Market Watch that it has partnered with Lunu, a German-based crypto platform.
Farfetch will leverage Lunu’s point-of-sale infrastructure, and according to the company, the decision to accept cryptocurrency came from Off-White stores in Milan, Paris, and London that have already been using Lunu’s technology. Farfetch will accept seven different crypto assets to begin with, and beta testing of the feature will begin with whitelisted clientele. Later this year, Farfetch’s crypto acceptance will be expanded after trials in the US, UK, and Europe.
Luxury goods sellers have been gravitating towards cryptocurrencies for the past year. For example, both luxury auction houses Sotheby’s and Christie’s accept crypto assets for payments. Italian luxury brand Michele Franzese Moda revealed that it will accept crypto assets this year, and luxury watchmaker Franck Muller also accepts crypto assets. Cryptocurrencies will also be accepted at Browns, the Farfetch-owned retail chain.
News of Farfetch accepting digital currencies for payments follows crypto solutions firm Ripple partnering with Lunu to enable luxury retailers to accept crypto assets. “For luxury retailers, staying on top of the latest trends is vital, and when it comes to payments, the biggest innovation comes from the evolving crypto scene,” Rajesh Madhaiyan, chief product officer at Lunu, said on June 7. “Thanks to Lunu, these retailers are gaining access to new, younger and wealthier audiences that are constantly growing in number.”
Tags in this story 7 cryptos, binance coin, Bitcoin, bnb, Browns, BTC, Christie’s, Crypto Acceptance, crypto payments, ETH, Ethereum, Farfetch, Gucci, Lunu, Lunu PoS Infrastructure, luxury, luxury fashion, luxury goods, Michele Franzese Moda, crypto payments, Rajesh Madhaiyan, Sotheby’s
What do you think of Farfetch partnering with Lunu and accepting crypto asset payments in the coming months? Let us know what he thinks on this topic in the comments section below.
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image credits: Shutterstock, Pixabay, Wiki Commons, Stella McCartney fashion show photo by Shutterstock contributor sama_ja
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