Farfetch to begin accepting crypto payments, following other luxury companies

Farfetch, an online luxury fashion marketplace, said it will begin accepting cryptocurrency payments later this year, following Gucci and other upmarket companies that have embraced crypto to expand their businesses.

Farfetch will initially accept seven cryptocurrencies including Bitcoin (BTC), Ethereum (ETH) and Binance Coin (BNB), among others, it said in a post on its website.

This follows the successful launch of cryptocurrency payments at Farfetch-owned London retailer Browns.

José Neves, founder and CEO of Farfetch, said the use of crypto at Browns “was a crucial step to test and learn. … With this move, we look forward to empowering our incredible boutique and brand partners to embrace cryptocurrency.”

Farfetch operates an online marketplace similar to Amazon.com, with products from about 1,400 luxury brands, the Wall Street Journal said.