UK’s Farfetch to offer crypto payment option in 37 countries

UK-based Farfetch Limited, a global platform for the luxury fashion industry, has announced that it will offer cryptocurrency as a payment method on the Farfetch Marketplace for customers in 37 countries.

Farfetch will initially accept six cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), among others. Customers with an existing cryptocurrency wallet will simply need to scan the QR code displayed on the screen at checkout to make the payment using cryptocurrency, according to a press release by Farfetch.

Farfetch Platform Solutions will also offer cryptocurrency payment capabilities for luxury brand clients with Stadium Goods launching imminently.

“Innovation is at the core of our business, and we are continually looking to implement new technologies that provide an enhanced shopping experience for our customers. We are excited to offer cryptocurrency as a payment option for customers shopping on the Farfetch Marketplace. Customers are increasingly interested in new payment methods and cryptocurrency is growing in importance with luxury customers,” said Edward Sabbagh, chief marketplace officer, Farfetch.

Additionally, Farfetch is a signatory of the Crypto Climate Accord (CCA). The CCA, inspired by the Paris Climate Agreement, is a private sector-led initiative for the crypto community focused on decarbonising the cryptocurrency and blockchain industry. The CCA’s objective is to decarbonise the global crypto industry by prioritising climate stewardship and supporting the crypto industry’s transition to net-zero greenhouse gas emissions by 2040, added the release.

In line with Positively Farfetch’s 2030 goals, Farfetch is committed to becoming climate positive by 2030, and driving further innovation in sustainability linked to or enabled by blockchain technology will be key to that.

Fibre2Fashion News Desk (NB)