Farfetch, Luxury Online Merchant, To Start Accepting ETH, BTC, BNB, Other Cryptocurrencies

Zinger Key Points
  • Farfetch to start accepting payments in digital currencies, such as BTC and ETH.

Farfetch FTCH announced a partnership Friday with the Lunu platform stating that they are to start accepting payments in seven different cryptocurrencies, including Bitcoin BTC/USD, Ethereum ETH/USD, and Binance Coin BNB/USD.

What Happened: In a tweet by Wu Blockchain earlier Friday, it was announced that Farfetch would be accepting cryptocurrency payments via Lunu PoS. According to Retail Gazette, prior to this announcement, Browns, a subunit of Farfetch, and Off-white flagship units tested out cryptocurrency as a means of payment.

Farfetch CEO José Neves has expressed the importance of this trial run, deeming this decision to strengthen brand partners and boutiques on the platform. The rollout of this integration will first be offered to private customers of the platform and then be expanded to general customers across Europe, the United Kingdom and the United States.

Why It's Important: The incorporation of cryptocurrency payments into the retail industry has become a more frequent occurrence over the last year. As the cryptocurrency sector continues to grow, numerous industries are beginning to employ blockchain technology and cryptocurrencies due to their efficiency and viability over traditional forms of payment.

Farfetch following this trend allows it not only to benefit from the transactional benefits but also to educate its consumer audience on the benefits of virtual currencies.

Market News and Data brought to you by Benzinga APIs
Posted In: CryptocurrencyNewsMarketscryptocurrenciesFarfetchpayments
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!