Farfetch, a British-Portuguese luxury clothing retailer, said that it will soon accept crypto assets thanks to a partnership made 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
Luxury high-end fashion houses and luxury brands are exploring the world of digital currencies, blockchain concepts and non-fungible tokens. During the first week of May, the luxury fashion house Gucci announced that its retail stores will accept crypto for goods and services. Now, the luxury fashion retailer Farfetch plans to accept crypto assets as the business has revealed to Market Watch that it has partnered with Lunu, a German-based crypto platform.
Farfetch uses 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’s 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.
Luxury goods sellers have gravitated towards crypto over the past year. For instance, both luxury auction houses Sotheby’s and Christie’s accept crypto assets for payments. Italian luxury brand Michele Franzese Moda revealed it will accept crypto assets this year, and Luxury watchmaker Franck Muller accepts crypto as well. Browns, a Farfetch-owned retail chain, will accept crypto currencies.
The news about Farfetch accepting digital currencies for payments follows the crypto solutions company Ripple partnering with Lunu in order to enable luxury retailers to accept crypto 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 payments, it is essential to stay on top. The greatest innovation in the crypto scene is coming from the evolving cryptocurrency scene.” These retailers have access to younger, more affluent customers that are growing in number .”
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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, payments crypto, Rajesh Madhaiyan, Sotheby’s
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Jamie Redman
Jamie Redman, a journalist and financial tech expert living in Florida, is the News Lead at Bitcoin.com News. Redman has been an active member of the cryptocurrency community since 2011. Redman is passionate about Bitcoin, open-source codes, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
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