Ripple, a provider of enterprise blockchain and crypto solutions, has joined forces with Berlin-based Lunu to help the latter’s luxury retailers in accepting cryptocurrency payments.
Lunu allows high-end and luxury retailers in the UK and Europe to accept crypto payments in-store through its point of sale (POS) terminal and online widget.
The partnership will help Lunu’s retail customers, including Farfetch, Off-White, Browns and Steven Stone, to accept crypto payments using Ripple’s Liquidity Hub.
Liquidity Hub will allow these customers to enhance the acceptance of crypto payments by streamlining the exchange of crypto assets to fiat in one place at competitive prices, according to a statement.
Lunu director of Product Rajesh Madhaiyan said: “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.”
Liquidity Hub, which offers integration and smart order routing to source digital assets at optimised prices, was developed by Ripple to support long-term crypto adoption.
Liquidity Hub customers can access crypto assets from a variety of global venues such as market makers, exchanges and OTC desks.
Ripple Europe managing director Sendi Young 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.”
The development comes as Ripple continues to see strong demand for its products in Europe. According to the company, its recent New Value research found that 70% of respondents at financial institutions in Europe expect blockchain to have a massive or significant impact on their business in the next five years.
The research also found that 59% of respondents are interested in using blockchain for payments.
Last month, Ripple partnered with Lithuanian online international money transfer provider FINCI to provide quick retail remittances and B2B payments through its On-Demand Liquidity (ODL) that taps XRP for crypto-enabled cross border payments.