Luxury Brands Start to Take Cryptocurrency Payments

Online-luxury marketplace Farfetch Ltd. FTCH -7.73%▼ will start accepting cryptocurrency payments, following Gucci and other upmarket brands

Farfetch said Friday that “VIP” customers will be able to start paying in Bitcoin, Ethereum and Binance Coin, as well as four other cryptocurrencies, over the next few months.

It plans to extend the option to all U.S. and European customers later this year

Farfetch operates an online marketplace similar to Amazon.com Inc., with products from around 1,400 luxury brands including Burberry, Prada and Versace.

Luxury companies need to be “where the luxury customer is today and where they’ll be tomorrow,” Farfetch Chief Executive José Neves said.

Luxury retailers are trying to engage with a new generation of affluent consumers and some have identified cryptocurrency as a way of doing that.

A large number of wealthy people under the age of 40 having invested in Bitcoin, according to analysts and companies.

That is especially true in the U.S., which several luxury brands have said will be central to their growth efforts over the next few years.

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