Ripple announced a partnership with Lunu to enable them to accept cryptocurrency payments.
Ripple enables cryptocurrency payments at Lunu
Lunu is a technology startup founded in Berlin in 2018 by Artem Shaginyan and Petr Vishnyakov, two entrepreneurs who share a specific interest in the potential of blockchain.
It currently works with clients such as Farfetch, Off-White, Browns and Steven Stone.
Through its new partnership with Ripple, Lunu will enable high-end and luxury retailers in Europe and the UK to accept cryptocurrency payments in their shops via its POS terminal and online widget.
In fact, using Ripple’s Liquidity Hub will enable the acceptance of cryptocurrency payments by optimizing the exchange of crypto assets into fiat currency.
Rajesh Madhaiyan, Product Director, Lunu, said:
“For luxury retailers it is vital to stay on top of the latest trends, and when it comes to payments the greatest innovation is coming from the evolving crypto scene. Thanks to Lunu these retailers get access to new, younger, more affluent audiences that are constantly growing in numbers.
Our partnership with Ripple has the potential to greatly impact retailers’ customer service offerings by expanding the variety of payment methods and by portraying retailers’ brands as more innovative and progressive”.
Ripple and the long-term vision of the Liquidity Hub
Ripple launched the Liquidity Hub precisely to support the long-term adoption of cryptocurrencies as a means of payment, offering turnkey integration and optimized order routing to source digital assets at optimal prices. Liquidity Hub provides access to crypto assets across multiple locations globally, including market makers, exchanges and OTC desks.
The company says that demand in Europe for its products remains extremely strong. Furthermore, according to Ripple’s recent New Value research, 70% of respondents at European financial institutions expect blockchain to have a massive or significant impact on their business in the next five years, and 59% expressed interest in using blockchain for payments.
By 2021, the number of transactions executed on RippleNet has doubled, with an annualized volume of around $15 billion.
CEO of Ripple Europe, Sendi Young, commented:
“Crypto liquidity is the common thread that underpins all of Ripple products, from payments to lending and credit. Our ambition is to build a suite of enterprise-oriented crypto products for the benefit of our clients and their customers. This is why we are so excited by this fantastic new use case for Liquidity Hub which will enable Lunu’s luxury retail clients to accept crypto payments at the point of sale”.