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