Ripple, the US-based cross-border payment firm, has sealed a partnership with Lunu, a crypto-terminal operator and payment provider that specializes in working specifically with premium retailers, so as to provide German high-end retailers with the ability to get paid in cryptocurrency.
The main focus of the partnership is to provide a system that will enable Lunu’s customers to accelerate the acceptance of crypto payments by optimizing the exchange of digital assets to fiat.
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According to the report, Lunu currently works with customers including Farfetch, Off-White, Browns, and Steven Stone. The Liquidity Hub that Lunu will leverage was launched by Ripple to support long-term crypto adoption, offering turn-key integration and smart order routing to source digital assets at optimized prices.
As stated in the report, Liquidity Hub customers will be able to seamlessly access crypto from various global venues, such as market makers, exchanges, and OTC desks.
Reacting to the new development, the Director of Product at Lunu, Rajesh Madhaiyan, 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.”
Sendi Young, Ripple’s Managing Director in Europe, also said:
“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. 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.”
Read Also: Brad Garlinghouse Says Ripple Plans To Consider Acquisitions in the Future
Ripple’s Growth and Expansion in Europe
Despite the current lawsuit with the U.S. SEC, Ripple has continued to take vital steps in its quest to grow and expand further in Europe. Its desire for expansion is not limited to Europe, but across the globe.
Demand in Europe for Ripple’s products has remained strong. According to the firm’s recent New Value research, 70% of respondents at financial institutions in Europe expect blockchain to have a notable impact on their business in the next five years, while 59% of respondents showcased their interest in leveraging blockchain for payments.
2021 can be seen as the most successful year for Ripple since its emergence. That year, the firm was able to double the number of transactions on RippleNet. At the moment, the average annual volume of payments on the network is $15 billion.
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