Payment company Ripple has announced a partnership with Lunu to enable cryptocurrency payments across luxury brand retailers. The press release claims that this partnership will allow users to use Ripple’s Liquidity Hub to pay for in-store and online store items.
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Founded in 2018, Lunu is a crypto payment provider that allows merchants to accept “many” cryptocurrencies as a payment method. These funds can be converted from digital assets to fiat currencies such as the US dollar and the euro.
Lunu offers partner stores a variety of products, including point-of-sale and Lunu devices that process point-of-sale payments, Lunu widgets for e-commerce platforms, and wallets for buying, storing, exchanging, and trading digital assets. increase. others.
This partnership has the potential to enable millions of users and merchants to adopt cryptocurrencies. Lunu works with e-commerce giants such as Shopify, Woo Commerce, Magento, BigCommerce and PhP.
Among its luxury brand retailers are the well-known jewelery Steven Stone, Chalhoub Group, Off-White, Browns, Courbet, L’Exception and Farfetch. Partners believe that collaboration with can accelerate the adoption of crypto for the benefit of merchants and consumers.
The former has the opportunity to take advantage of new consumers and the latter can benefit from fast, low cost transactions with Ripple’s liquidity hub. The platform connects stores and consumers “seamlessly” to global locations such as OTC desks and exchange platforms.
Rajesh Madhaiyan, Lunu’s Product Director, describes their partnership as follows:
Keeping up with the latest trends is essential for luxury retailers, and when it comes to payments, the evolving cryptocurrency scene is driving the greatest innovation. Thanks to Lunu, these retailers have access to a constantly growing, new, younger and wealthier audience. The partnership with Ripple could have a significant impact on retailers’ customer service delivery by expanding a variety of payment methods and portraying retailers’ brands as more innovative and progressive.
Ripple’s attempt to stretch a good streak
In line with these policies, Ripple Europe’s Managing Director Sendy Young emphasized how the company is trying to provide more cryptocurrency liquidity to its various financial products. Young added:
Our ambition is to build a suite of enterprise-oriented crypto products for the benefit of our clients and their customers. That’s why Lunu’s luxury retail clients are so excited about this amazing new use case for Liquidity Hub, which allows them to accept cryptocurrency payments at the time of sale.
The settlement company is currently in a legal battle with the US Securities and Exchange Commission (SEC). Regulators claim that the company and two of its executives have sold the unregistered securities XRP.
Current perceptions of the entire crypto space seem to favor Ripple as a potential winner, but the trial is proceeding without an official verdict.
Despite a legal battle with the US SEC, settlement companies saw “the most successful year ever” in 2021. One of Ripple’s products, RippleNet, has recorded annual payments of over $ 15 billion.
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As of this writing, XRP is trading at $ 0.4 with a 2% profit on the 4-hour chart.