Farfetch, a high-end e-tailer, is tapping into the cryptocurrency market.
Farfetch will begin taking Bitcoin and other cryptocurrency payments on its marketplace, according to an exclusive report by MarketWatch.
The decision is significant for the business because it comes from a prominent premium brand.
The retailer intends to start with high-end private clientele in Paris, London, Milan, and Browns before expanding to all customers in the US, UK, and Europe in late 2022. Following that, the feature will be handed out to other countries.
Farfetch will accept seven cryptocurrencies to begin with, including Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB).
Farfetch's founder, chairman, and CEO, José Neves, said the decision to accept crypto payments was a critical milestone in the company's testing and learning process.
Lunu, a German crypto payment gateway service, has also announced a partnership with the company.
It is believed that the latter will provide the necessary infrastructure for accepting cryptocurrencies as well as point-of-sale devices for in-store payments.
The news comes only days after Ripple, a blockchain company, partnered with Lunu to allow luxury stores to accept digital assets as a form of payment.
Farfetch and Steven Stone, as well as the Italian Off-White, were said to be working closely with the Berlin-based brand.