Farfetch joins Facebook’s Libra initiative
Farfetch, the luxury fashion world’s premier digital platform, has declared that it’s all-in on Facebook’s ambitious new Libra project. For those not in the know, the social media giant has announced a plan to develop its own cryptocurrency. Farfetch will join a consortium of founding members that includes Mastercard, PayPal, Spotify, Uber, and more.
Farfetch’s share price has appreciated by 9% over the past five days
Source: Yahoo Finance
The Libra Association will look to develop the Libra Blockchain, which a press release said aims to be “secure, scalable, and reliable”. Farfetch’s interest may surprise some – despite being a digital platform, its heart is clearly in the luxury sector – but the company has revealed that it’s long nurtured an interest in blockchain technology. A press release said “Farfetch believes that the Libra Blockchain will help to enable frictionless ecommerce and will form an important part of the company’s broader blockchain strategy that will develop over time.”
The company’s co-chair and CEO, Jose Neves, said: “We believe blockchain will benefit the luxury industry by improving IP protection, transparency in the product lifecycle and - as in the case of Libra - enable global frictionless e-commerce. As a Founding Member of the Libra Association, we will actively participate in the technical development of the blockchain, whilst at the same time being able to learn from our participation and accelerate our other blockchain projects.”
Stephanie Phair, Farfetch’s chief strategy officer, added: “We have been looking at blockchain technology to help solve a range of fashion industry issues. We were delighted to be approached by the Association for this initiative, which we believe will enable frictionless e-commerce for hundreds of millions of people around the world.”
Dominion holds Farfetch in its Global Trends Luxury Fund.
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