Farfetch Limited (NYSE: FTCH) released payments with bitcoin and other cryptocurrencies in Brazil and 36 other countries on Thursday (10), making its luxury fashion items available to consumers with new payment methods.
Farfetch is one of the leading global technology platforms for the luxury fashion industry, founded in 2007 by Jose Neves, a Portuguese billionaire. In 2008, FARFETCH started as an e-commerce marketplace for luxury boutiques around the world.
The company also offers a wide range of consumer channels and corporate solutions for the luxury sector through its Luxury New Retail initiative.
Farfetch releases bitcoin payment in Brazil and 36 other countries
Farfetch’s marketplace has begun releasing payment with bitcoin and five other cryptocurrencies to its customers.
FARFETCH Platform Solutions, a suite of retail commerce and technology solutions for luxury brands and retailers, will also offer cryptocurrency payment capabilities for luxury brand customers. The partnership with Stadium Goods will launch soon.
Customers with an existing crypto wallet will simply need to scan the on-screen QR Code at checkout to pay using cryptocurrency, which is available in Brazil and 36 other countries as of today.
In addition, FARFETCH is a signatory to the Crypto Climate Accord (CCA). The CCA, inspired by the Paris Climate Accord, is a private sector-led initiative for the crypto community focused on decarbonizing the cryptocurrency and blockchain industry.
CCA’s goal is to decarbonize the global cryptocurrency industry by prioritizing climate management and supporting the cryptocurrency industry’s transition to zero greenhouse gas emissions by 2040.
With shares listed on the NYSE (FTCH), this is yet another public company to support the cryptocurrency market, which has experienced major booms in recent years.
Fashion market increasingly linked to cryptocurrencies
Commenting on the news, Edward Sabbagh, Chief Marketplace Officer at FARFETCH, stated that innovation is important for his business and that the brand is excited to accept cryptocurrencies as a means of payment.
“Innovation is at the core of our business and we continually seek to implement new technologies that provide an enhanced shopping experience for our customers. We are excited to offer cryptocurrencies as a payment option for those using the FARFETCH Marketplace. Cryptocurrencies are growing in importance for luxury customers, and we couldn’t help but implement this option for our consumers.”
To process cryptocurrency payments, Farfetch will enlist the help of the company TripleA.
In August 2021, luxury brand Philipp Plein started accepting Bitcoin as payment as well, showing that the luxury fashion market is increasingly connected to the new decentralized financial sector.