By Pierre Bertrand
Farfetch Ltd. said on Friday that it would start allowing cryptocurrency payments later this year.
The British-Portuguese digital luxury fashion platform said it will initially accept seven cryptocurrencies including Bitcoin, Ethereum and Binance Coin on its Farfetch Marketplace.
Digital currency payments will first be introduced for the company’s private customers in the coming months, and will be expanded to include all US, UK and European customers later this year, with more to follow, a said the company.
Cryptocurrency is a digital currency whose value and transactions are verified by cryptography, rather than by a central financial authority. They are perceived as an alternative financial system to that of ordinary banks.
The company added that it has partnered with German cryptocurrency platform startup Lunu for its point-of-sale terminals enabling in-store transactions. At the terminals, customers will be able to access their crypto wallets and make payments by scanning a QR code, the company said.
The decision to accept digital payments builds on more restricted testing of cryptocurrency payments using Lunu’s terminals at Off-White’s flagship stores in Paris, London and Milan, including at Browns’ own luxury retailer from Farfetch, the company said.
French luxury giant LVMH Moet Hennessy Louis Vuitton SE has a 60% stake in Off-White. The company is operated by the New Guards Group of Milan, a subsidiary of Farfetch.
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