Farfetch (FTCH) Stock Pops After Saying It Will Start Accepting Crypto Payments

Farfetch (NYSE: FTCH) will start accepting payments in cryptocurrencies in the upcoming months, the British-Portuguese company announced on Friday.

Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB) are among the initial seven cryptocurrencies which can be used on Fatetch Ltd.’s digital platform.

At the beginning, the online luxury fashion retail store will be accepting payments from private clients with plans to broaden the payment options for all of the U.S., UK, and European customers later this year.

Point of Sale (PoS) terminals, which are used for in-store transactions, will be provided by the German startup Lunu, which has already been tested for smaller transactions in Off-White stores across Europe.

Customers will be able to access their crypto wallets using Lunu terminals and make the purchase by scanning a QR code.

Farfetch stock is up 1.4% in pre-market Friday.

By Senad Karaahmetovic

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