Farfetch will start accepting cryptocurrencies later this year.
The luxury fashion marketplace will initially offer the payment option to its private clients. By late 2022, Farfetch will then look to expand the offering to all its customers in the U.S., U.K., and Europe, followed by other countries.
Customers will be able to pay with Bitcoin, Ethereum, and Binance Coin, FashionUnited reported.
“This was a crucial step to test and learn, and we are excited to share our technical and service know-how with our community,” said José Neves, founder, chairman and CEO of Farfetch.
“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.”
The launch of the offering comes after a successful pilot project that was conducted at select Off-White flagship stores and Browns stores, which Farfetch owns.
Farfetch has partnered with cryptocurrency platform Lunu to be able to accept crypto payments. In addition, the company plans to share its omnichannel payments solution with other retail brands that are part of the Farfetch community.