Fashion Firm Farfetch Worth More Than $3 Billion Set To Accept Crypto

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.

Customers Can Now Buy Meals Using Crypto At Chipotle

While on the topic of the adoption of crypto as a payment form by merchants, the food industry is not left out as leading restaurant chain, Chipotle Mexican Grill (CMG), begins to accept crypto payments.

The company has partnered with digital payment network, Flexa, to enable this service. Customers can now buy some Mexican dishes using crypto assets supported by Flexa, some of these include Bitcoin, Ether, Dogecoin, e.t.c

Paying with cryptocurrency will be enabled in over 2,975 Chipotle outlets in the U.S, and customers can access this service using any crypto wallet app that supports Flexa. Currently, it is only supported by Gemini and SPEDN. Customers can then pay by tapping on Chipotle on their preferred app.