• Home
  • News
  • Fashion
  • Farfetch joins Facebook's new cryptocurrency initiative


Farfetch joins Facebook's new cryptocurrency initiative

By Huw Hughes

18 Jun 2019

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.”

Below is the full list of current Libra Association founding members:

Mastercard, PayPal, PayU (Naspers' fintech arm), Stripe, Visa, Booking Holdings, eBay, Facebook/Calibra, Farfetch, Lyft, Mercado Pago, Spotify AB, Uber Technologies, Inc., Iliad, Vodafone Group, Anchorage, Bison Trails, Coinbase, Inc., Xapo Holdings Limited, Andreessen Horowitz, Breakthrough Initiatives, Ribbit Capital, Thrive Capital, Union Square Ventures, Creative Destruction Lab, Kiva,Mercy Corps, Women's World Banking.

Main article photo credit: Farfetch, Facebook