Farfetch Backs Facebook’s New Blockchain Initiative

LONDON — Farfetch has long had its eyes on blockchain and its potential to disrupt the luxury industry. Now it’s joining Facebook’s new blockchain initiative that could completely transform the way transactions are made. The social network is developing a cryptocurrency called Libra Blockchain, which is designed to make sending money as easy as sending a photo or text — users will be able to convert money into Libra and send it via apps like WhatsApp or Facebook Messenger. Libra, which is set to launch to the public in the first half of 2020, will be operated by Libra Association of which Farfetch is a founding member, alongside some of the biggest names in technology and finance, including Mastercard, PayPal, eBay, Lyft, Spotify Technology and Vodafone Group. As founding members, all companies will work towards the “technical, architectural, and operational development of the Libra Association.” Farfetch, which is the only company from withing the luxury industry participating in the initiative, said it wants to stand behind the new technology as it’s “secure and scalable” and has the potential to facilitate seamless transactions within the online retail space. “We believe blockchain will benefit the luxury industry by improving IP protection, transparency in the product lifecycle and

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