According to a finance and business news source, Dow Jones Newswires, British-Portuguese online luxury fashion retail platform, Farfetch, has announced its approval of payments in cryptocurrency. This would be launched later in the year on the Farfetch marketplace.
Crypto adoption continues to spread widely
Merchants all over the world are now turning to digital currency as a form of payment and an alternative to traditional payment methods. A recent survey found that 85% of the surveyed business owners think that cryptocurrencies as a form of payment are going to be universal by 2027.
E-commerce Fashion Company, Farfetch, is joining the train of brands which are already employing the use of crypto as a form of payment. The company will accept Bitcoin, Ethereum, BINANCE Coin and four other coins at first for payment on its marketplace.
According to the luxury fashion brand, it will first introduce the option of paying in Crypto to its private clients in a few months’ time and then extend the option to other customers in the U.S, U.K, Europe and other countries later in the year.
The company said that they are working in collaboration with German cryptocurrency platform startup, Lunu, for its point of sale terminals. Customers will be able to transact in-store by scanning a QR code with their crypto wallets.
