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Ripple has partnered with Lunu to allow luxury retailers to start accepting cryptocurrencies for payment.
Cryptocurrency payment services company Lune leveraged Ripple’s liquidity hub to “optimize the exchange of crypto assets to make fiat money in one place at a competitive price, according to a statement on Tuesday. , Accelerate the acceptance of cryptocurrency payments. “
Launched in November 2021, Ripple’s Liquidity Hub is a product that seeks to support long-term crypto adoption by giving users access to the deep liquidity of the market. In addition, this product, as Ripple says, offers “turnkey integration and smart order routing to raise cryptocurrencies at the highest market prices.” The Liquidity Hub currently supports six cryptocurrencies including Bitcoin, Ethereum, XRP and Litecoin.
The Lunu system, on the other hand, combines devices and widgets with a processing service that conducts “instant auctions” to facilitate transactions. According to the company’s website, the system is based on a pool of independent arbitrators, from cryptocurrencies to fiat exchanges while the system’s Oracle monitors and validates transactions on third-party blockchains. Allocate the market price. The partnership between Ripple and Lunu will give retailers and their cryptocurrency paying customers seamless access to their crypto assets from various locations under the hub.
“It’s imperative for luxury retailers to stay on top of the latest trends. When it comes to payments, the biggest innovations in the evolving cryptocurrency scene are coming from Lunu, which keeps the number of these retailers constant. We now have access to a growing, new, younger and wealthier audience. “ Rajesh Madhaiyan, Lunu’s Product Director, said.
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Currently, Lunu serves a variety of high-end retailers in Europe, including Farfetch, Off-White, Browns and Steven Stone, and can be paid in a variety of cryptocurrencies. In November 2021, the Berlin-based company partnered with Paxful, a peer-to-peer (P2P) Bitcoin and cryptocurrency exchange service platform, to allow Paxful customers to shop at Lunu’s partner stores using Paxful wallets. Made possible.
Cryptocurrency service providers are strategically positioned for growth as the desire for cryptocurrency payment options grows among major luxury brands. There was “very strong” demand for Ripple’s products, especially for crypto enterprise solutions.
Last year, RippleNet, Ripple’s “state-of-the-art infrastructure” that enables real-time payments, more than doubled the number of transactions and reached $ 15 billion in annual payments. In addition, the company expects this growth to maintain 70% of European financial institutions and adopt blockchain for payments over the next five years.
