Farfetch has become a founding member of blockchain technology firm Libra Association, which will offer a range of business uses, as well as digital currency.
Farfetch said blockchain technology has long been of interest to it and the platform has been researching its potential applications for the luxury industry. It 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.
As a founding member, Farfetch said it will “actively participate in the ongoing technical, architectural, and operational development of the Libra Association.”
CEO and co-chair Jose Neves added: “We believe blockchain will benefit the luxury industry by improving IP protection, transparency in the product lifecycle and enable global frictionless ecommerce.”
The Libra Association has 28 founding members to date, including Farfetch. Reports claim they each had to invest a minimum of $10m (£7.98m).