Lunu a crypto payment provider has partnered with Ripple so luxury stores can accept XRP payments through its Liquidity Hub
Ripple Partners With Cryptocurrency Payment Provider
Ripple (XRP), a popular fintech startup, has announced a partnership with Lunu, a cryptocurrency payment provider, that would allow luxury stores in Berlin to accept digital currencies as payment for their goods.
Ripple announced today that luxury stores will accept cryptocurrency payments through its Liquidity Hub, a mechanism built by the blockchain startup to promote long-term bitcoin adoption.
XRP Now Accepted By Lunu
Lunu had been offering luxury shops the ability to take cryptocurrency payments via their Point of Sale (POS) terminal and web widget prior to the announcement.
Top premium brands in Europe and the United Kingdom, such as Steven Stone, Farfetch, Off-White, and Browns, have all used Lunu’s services.
Customers buying things from any of the Lunu-enabled luxury stores can pay with 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) (ETH).
Ripple (XRP) Services Are In High Demand Despite Lawsuit
Despite its ongoing legal battle in the United States, Ripple’s services are in high demand around the world, including from traditional banking institutions.
Given that a number of traditional financial institutions in Europe have expressed interest in blockchain-related solutions, the increased demand for Ripple’s services is unsurprising.
According to a recent poll performed by New Value, 70% of respondents believe blockchain technology would benefit their firms in the next five years, while another 59 percent want to use crypto payments.
It’s worth mentioning that Ripple is one of the crypto industry’s market leaders, having processed over $15 billion in transactions on behalf of its clients via RippleNet last year.
Ripple Partnership To Enhance Lunu’s Offering
Despite the fact that Lunu’s services have strived to meet the needs of its growing clientele, the new endeavor will boost the cryptocurrency payment provider’s offering even more.
According to the release, Ripple’s Liquidity Hub will improve Lunu’s services by allowing clients to speed up the adoption of digital currencies, optimize the conversion of cryptocurrencies to fiat at competitive rates, and conduct faster and 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.