Fun

Report: Luxury Fashion Retailer Farfetch to Accept Crypto Assets for Payments

News Feed - 2022-06-11 06:06:32

Report: Luxury Fashion Retailer Farfetch to Accept Crypto Assets for Payments


The British-Portuguese luxury fashion retailer Farfetch said it will accept crypto assets soon thanks to a partnership with the German crypto platform Lunu. Farfetch will accept seven different crypto assets including bitcoin, ethereum, and binance coin, and the feature will be rolled out to select clients and then expanded to the general public. Luxury House Farfetch Partners With Lunu and Plans to Accept 7 Different Crypto Assets for Payments


Luxury and high-end fashion houses are dipping their toes into the world of digital currencies and blockchain concepts like non-fungible tokens (NFTs). 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 will leverage Lunu’s point-of-sale infrastructure and according to the firm, the decision to accept crypto stemmed from Off-White stores in Milan, Paris, and London that have already been using Lunu’s technology. Farfetch will accept seven different crypto assets to start, and the beta testing of the feature will begin with whitelisted clientele. Later this year, Farfetch’s crypto acceptance will expand after the testing into the U.S., U.K., and Europe.


Sellers of luxury goods have been gravitating toward crypto during the last 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. Cryptocurrencies will also be accepted at Browns, the retail chain store owned by Farfetch.




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. “For luxury retailers, it is vital to stay on top of the latest trends, and when it comes to payments the greatest innovation is coming from the evolving crypto scene,” Lunu’s Rajesh Madhaiyan, director of product, said on June 7. “Thanks to Lunu, these retailers get access to new, younger, more affluent audiences that are constantly growing in numbers.” Tags in this story 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


What do you think about Farfetch partnering with Lunu and accepting crypto asset payments in the coming months? Let us know what you think about this subject in the comments section below. Jamie Redman


Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today. Mercadolibre Inks Partnership With Mastercard to Secure Its Crypto Ecosystem in Brazil NEWS | 12 hours ago "Education Is Power"— Jack Dorsey and Jay-Z Launch Bitcoin Academy in Brooklyn NEWS | 1 day ago


Image Credits: Shutterstock, Pixabay, Wiki Commons, Stella McCartney fashion show photo by Shutterstock contributor sama_ja Previous articleBitcoin Price Outlook for June — Market Conditions Show Uncertainty Next articleAuroraFS DApps Development Capabilities to Be Enhanced Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItOman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework


Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)"s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments UAE Airliner Emirates to Launch NFTs and Experiences in the Metaverse Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike FBI Issues Alert Concerning Malicious State-Sponsored North Korean Hackers Targeting Crypto Firms

News Feed

RFK Jr says he is suspending, not terminating, presidential campaign
Turner Wright4 hours agoRFK Jr says he is suspending, not terminating, presidential campaignThe US Independent presidential candidate said he would remove himself from the ballot in 10 battleground states where he might
Is Bitcoin price bouncing at 57K? Here's why these levels are key
William Suberg9 hours agoIs Bitcoin price bouncing at 57K? Here"s why these levels are keyBitcoin is lingering near the $57,000 mark into FOMC, but is that the last the market will see when it comes to snap BTC price dow
Pixelverse to refine Telegram mini-games with Azur Games partnership
Ezra Reguerra11 hours agoPixelverse to refine Telegram mini-games with Azur Games partnershipPixelverse co-founder Kori Leon said that while clicker games are trending now, attention will shift to new genres.1057 Total v
More Needs to Be Done to Ensure Tanzanians Understand the Risks of Crypto Trading, Says Blockchain Educator
More Needs to Be Done to Ensure Tanzanians Understand the Risks of Crypto Trading, Says Blockchain Educator Tanzanians are embracing cryptocurrencies but more work still has to be
Santander Proposes Project to Tokenize and Trade Properties With the Brazilian CBDC
Santander Proposes Project to Tokenize and Trade Properties With the Brazilian CBDC Santander, the Spain-based bank, has presented a project to use tokenization in tandem with the
Remittance Costs Lower in Q3 World Bank Study Shows – Only Cryptocurrencies Meeting UN Goal
Remittance Costs Lower in Q3 World Bank Study Shows – Only Cryptocurrencies Meeting UN Goal The latest study by the World Bank shows that it costs 4.98% on ave
Economist Peter Schiff Warns of US Dollar Devaluation and ‘Biggest Economic Disaster’ in History
Economist Peter Schiff Warns of US Dollar Devaluation and "Biggest Economic Disaster" in History Economist Peter Schiff has warned of “the biggest economic disaster” in
Market Update: Crypto Assets Slowly Gather Gains, Bitcoin Needs Capital Inflow, ADA Jumps 85%
Market Update: Crypto Assets Slowly Gather Gains, Bitcoin Needs Capital Inflow, ADA Jumps 85%Cryptocurrency market prices have improved a great deal since our last market update, as
Blockchain thriving among Fortune 500 companies, but US lags — Coinbase
Derek Andersen2 hours agoBlockchain thriving among Fortune 500 companies, but US lags — CoinbaseCoinbase’s fourth annual corporate adoption report found that Fortune 500 companies and small businesses are adopting bl
Degens pumped GameStop memecoins because they’re ‘bored’ — Traders
Ciaran Lyons5 hours agoDegens pumped GameStop memecoins because they’re ‘bored’ — TradersCrypto investors have flocked to unofficial GameStop memecoins because they’re jumping on any “sign of hope they can,
Benjamin R. Tucker: Why I Am An Anarchist
Benjamin R. Tucker: Why I Am An AnarchistWhy am I an Anarchist? That is the question which the editor of the Twentieth Century has requested me to answer for his readers. I comply;
US Government Expands Charges Against North Korean Hackers- Authorities Describe Them as The ‘World’s Leading Bank Robbers’
US Government Expands Charges Against North Korean Hackers- Authorities Describe Them as The "World"s Leading Bank Robbers" The U.S. Department of Justice (DOJ)