Farfetch Ltd (NYSE : FTCH), a digital platform for luxury fashion featuring brands like Balenciaga, Burberry, Gucci, and more, will begin accepting Bitcoin and other cryptocurrencies for payment.
The company will have a pilot program that will begin with luxury European stores in Paris, London, and Milan. All U.S., U.K., and European customers will be able to use Bitcoin and cryptocurrency payments with Farfetch later this year.
CEO José Neves believes that this is a crucial step for testing and learning about Bitcoin and other cryptocurrency payment methods. He has stated his excitement to share technical expertise with the luxury brand community.
The digital platform is partnering with Lunu, a Berlin-based crypto payment infrastructure provider to integrate the necessary systems for accepting Bitcoin. Lunu will also provide point-of-sale terminals for brick-and-mortar store payments so that customers may scan a QR code with their phones for Bitcoin payments.
“As a platform company, we are continually innovating to serve as the bridge for the luxury industry to new technologies and environments where the luxury customer is today, and where they’ll be tomorrow,” Neves said. “With this move, we look forward to empowering our incredible boutique and brand partners to embrace cryptocurrency.”
Accepting Bitcoin payments is a growing trend in the luxury brand industry as a number of companies like Balenciaga, Gucci, Tag Heuer, SFLMaven, and Continental Diamond have already enabled Bitcoin as a payment option for customers. Now Farfetch, as a digital platform extension for luxury brands, is joining the fold.