Ripple has partnered with LUNU to foster widespread acceptance of crypto payments.
Popular fintech company Ripple has announced a partnership with cryptocurrency payment provider Lunu, which will enable Berlin-based luxury retailers to accept digital currencies as a form of payment for their merchandise.
The announcement was made by Ripple today, stating that luxury retailers will accept cryptocurrency payments using its Liquidity Hub, a solution developed by the blockchain company to foster long-term crypto adoption.
Lunu’s Crypto Payment Solution
Prior to the announcement, Lunu had been offering luxury retailers the ability to accept cryptocurrency payments using its Point of Sale (POS) terminal and online widget.
Lunu’s services have been widely adopted by top luxury brands in Europe and the United Kingdom, including Steven Stone, Farfetch, Off-White, and Browns.
It is worth noting that customers purchasing items from any of the luxury retailers that use Lunu can make payment using any of the seven supported cryptocurrencies, including bitcoin (BTC), Binance coin (BNB), ripple (XRP), Tron (TRX), USD coin (USDC), USD tether (USDT), and Ethereum (ETH).
Ripple Partnership to Enhance Lunu’s Offering
Despite its ongoing lawsuit in the United States, Ripple has seen a growing demand for its services across various parts of the world, including from traditional financial institutions.
The rising demand for Ripple’s services does not come as a surprise given that a number of traditional financial institutions in Europe have indicated interest in blockchain-related solutions.
Per a recent survey conducted by New Value, 70% of respondents stated that blockchain tech will contribute positively to their businesses in the next five years, while another 59% disclosed that they will adopt crypto payments.
It is worth noting that Ripple is among the market leaders in the crypto industry, processing over $15 billion worth of transactions on behalf of its clients using RippleNet last year.
Although Luna’s services have tried to cater to its growing clients, the recent initiative will further improve the cryptocurrency payment provider’s offering.
According to the announcement, Ripple’s Liquidity Hub will further enhance Lunu’s services, enabling its clients to accelerate the acceptance of digital currencies, optimize the conversion of cryptocurrencies to fiat at competitive prices, and faster lower-cost transactions.
Rajesh Madhaiyan, Director of Product, 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.”
Madhaiyan added that Lunu’s partnership with Ripple will be beneficial to its clients’ customer services, as it will help increase the number of supported payment methods, as well as portray them as being innovative.
“Crypto liquidity is the common thread that underpins all of Ripple’s solutions, 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,” Sendi Young, Managing Director, Europe, Ripple.