Farfetch will begin accepting cryptocurrency payments, similar to other premium brands
Following in the footsteps of Gucci and other upscale firms that have embraced cryptocurrencies as a means to grow their operations. Farfetch, an online marketplace for luxury apparel, has announced that it would begin taking cryptocurrency payments later this year.
According to a statement that was made on the company’s website, Farfetch will initially accept seven different cryptocurrencies. These cryptocurrencies will include Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB), among others.
This comes after the successful debut of bitcoin payment options at Browns, a London-based shop that is owned by Farfetch.
The adoption of cryptocurrency at Browns, according to José Neves, founder and chief executive officer of Farfetch, “was a key step to test and learn…. As a result of this action, we are excited about the prospect of enabling our wonderful retail and brand partners to adopt cryptocurrencies.
According to the Wall Street Journal, Farfetch runs an online marketplace that is comparable to that of Amazon.com and features items from around 1,400 premium labels.