Farfetch Limited (NYSE:FTCH) a global technology platform for the luxury fashion industry, announced that it has joined as a Founding Member of the Libra Association and will work closely with other Founding Member organizations in the lead-up to the public launch of the initiative in the first half of 2020.
The Libra Association will be responsible for operating and developing the Libra Blockchain, which will be secure, scalable, and reliable. It will support a wide range of business uses as well as a digital currency. Farfetch will actively participate in the ongoing technical, architectural, and operational development of the Libra Association as one of the Founder Members.
Blockchain technology has long been of interest to Farfetch, and the company has been researching its potential applications for the luxury industry. Farfetch believes that the Libra Blockchain will help to enable frictionless e-commerce and will form an important part of the company’s broader blockchain strategy that will develop over time. Stephanie Phair, Chief Strategy Officer, Farfetch said: “Farfetch is delighted and honored 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, Farfetch 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.
The founding members of the Libra Association are: payments – Mastercard, PayPal, PayU (Naspers’ fintech arm), Stripe, Visa; technology and marketplaces – Booking Holdings, eBay, Facebook/Calibra, Farfetch, Lyft, Mercado Pago, Spotify Technology S.A., Uber Technologies, Inc.; telecommunications – Iliad, Vodafone Group; blockchain – Anchorage, Bison Trails, Coinbase, Inc., Xapo Holdings Limited; venture capital – Andreessen Horowitz, Breakthrough Initiatives, Ribbit Capital, Thrive Capital, Union Square Ventures; and non-profit and multilateral organizations, and academic institutions – Creative Destruction Lab, Kiva, Mercy Corps, Women’s World Banking.