Farfetch joins Facebook’s new cryptocurrency initiative

Following Facebook’s announcement earlier today that it would be
launching its own cryptocurrency called Libra in 2020, luxury online
retailer Farfetch has been named as one of the founding members behind the
initiative.

The cryptocurrency, which is set to launch in 2020, will enable its
billions of users to make transactions and send money with practically zero
transaction fees, and will be governed by the Libra Association, an
independent, not-for-profit membership organisation headquartered in
Geneva, Switzerland. The association is made up of 28 members including
Facebook, Ebay, Mastercard, Lyft and luxury online retailer Farfetch.

Farfetch said as a founding member it will be actively working with
other members on the ongoing technical, architectural, and operational
development of the Libra Association in the build-up to the
cryptocurrency’s planned commercial launch in the first half of 2020.

Cryptocurrency to ‘enable frictionless e-commerce’

According to Facebook, Libra cryptocurrency will be available to buy
through its platforms and can be stored in a digital wallet called Calibra.
The social media giant said using the cryptocurrency would be as easy as
texting.

Sneak peek at the Calibra wallet courtesy of Facebook

Stephanie Phair, chief strategy officer at Farfetch said in a statement:
“Farfetch is delighted and honoured to join the Libra Association as a
Founding Member. 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.”

Jose Neves, CEO and co-chair at Farfetch, added: “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.”