Fashion Luxury Brand Farfetch To Start Accepting Payment via XRP Cryptocurrency

Fashion Luxury Brand Farfetch To Start Accepting Payment via XRP

  • Farfetch (NYSE:FTCH) is the newest company to recognize cryptocurrencies as a legitimate payment option.
  • At first, the crypto payments will only be available to Farfetch's private clients before being expanded to customers from other countries.
  • Later this year, the operation will be completely operational.
Fashion Luxury Brand Farfetch To Start Accepting Payment via XRP Cryptocurrency

Farfetch, an online luxury apparel destination, is the latest company to embrace cryptocurrencies as a viable payment option. Farfetch plans to start taking cryptocurrency payments later this year, according to a June 10 report from TheIndustryFashion.

Farfetch will work with Lunu, a Berlin-based start-up, to make the cryptocurrency payment possible. Bitcoin, Ethereum, Binance Coin, Ripple (XRP), and three other cryptocurrencies will be accepted as payment methods.

Customers will pay using their smartphone to scan a QR code. Notably, bitcoin payments will initially be restricted to Farfetch's private clients before being extended to customers from other countries such as the United States and the United Kingdom.

Farfetch's founder and CEO, José Neves, said:

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. With this move, we look forward to empowering our incredible boutique and brand partners to embrace cryptocurrency.

Farfetch is an online premium fashion retailer that sells items from over 3,500 different brands from all over the world. It now has consumers in over 190 countries and sells things from over 50 countries. Farfecth has a revenue of almost £743 million pounds.

Lunu, a blockchain-based digital payment network, and protocol, recently announced a cooperation with Ripple. The arrangement will allow Lunu's luxury retail clients to accept bitcoin payments through Ripple's Liquidity Hub.

Cryptocurrencies are digital assets whose value and transactions are cryptographically confirmed rather than by a central bank.

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