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Tuesday, May 30, 2023

Luxury Fashion Retailer Farfetch to Accept Crypto Assets for Payments

Luxury Fashion Retailer Farfetch to Accept Crypto Assets for Payments – Farfetch, a British-Portuguese luxury fashion retailer, has announced that it will soon accept crypto assets as part of a partnership with Lunu, a German crypto platform. Farfetch will accept seven different crypto currencies, including bitcoin, ethereum, and binance coin, and the service will first be available to a select group before being made available to the whole public.

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Digital currencies and blockchain concepts such as non-fungible tokens are attracting the attention of luxury and high-end fashion firms. 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 luxurious fashion retailer, has announced to Market Watch that it has joined with Lunu, a German-based crypto platform, to accept crypto assets.

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Farfetch will use Lunu’s point-of-sale infrastructure, and the decision to accept cryptocurrency was influenced by Off-White stores 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.

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During the past year, luxury goods sellers have been gravitating toward cryptocurrency. For example, both Sotheby’s and Christie’s, two luxury 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.

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Farfetch’s acceptance of digital currencies comes after Ripple, a crypto solutions company, partnered with Lunu to enable luxury retailers to accept crypto assets.

“It’s vital for luxury retailers to keep up with the current trends, and when it comes to payments, the most innovation is coming from the expanding crypto scene,” Rajesh Madhaiyan, director of product at Lunu, said on June 7. “These retailers gain access to new, younger, more wealthy consumers, which are constantly growing in number, thanks to Lunu.”

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