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Ripple Makes Another Partnership with European Financial Institution

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07
Jun
  • Ripple Partners with Lunu, a Berlin-based startup.
  • The collaboration will enable Lunu luxury retailers to accept crypto payments via POS.
  • The new partnership represents Ripple’s second collaboration with European financial institutions within two months.

Ripple, a blockchain-based digital payment network and protocol, has announced a partnership with Lunu, a Berlin-based startup. With this collaboration, Lunu’s retail clients will be able to accept payment in cryptocurrency using the Liquidity Hub of Ripple.

Lunu currently facilitates payment for luxury retailers, such as Farfetch, Off-White, and Steven Stone, in the United Kingdom and Europe via its Point of Sale (POS) terminal and online widget. The Liquidity Hub of Ripple will enable Lunu’s customers to accelerate the acceptance of crypto payments by optimizing the exchange of crypto assets to fiat at competitive prices.

Rajesh Madhaiyan, director of Product at 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. 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.

Ripple’s European Managing Director, Sendi Young, revealed that Ripple wants “to build a suite of enterprise-oriented crypto products for the benefit of [their] clients and customers.” With Lunu tapping Ripple’s Liquidity hub, this becomes yet another use case for the service.

This new partnership represents Ripple’s second collaboration with European financial institutions within two months. In May 2022, Ripple announced that FINCI, a Lithuanian online money transfer provider, will partner with them to enable faster, lower-cost cross-border payments with RippleNet’s On-Demand Liquidity (ODL).

XRP currently trades at $0.3907, according to CoinMarketCap. XRP is one of the top 10 cryptos, with a market cap of $18,834,841,185.  It attained an all-time high of $3.84 four years ago and an all-time low of 0.00282 a year ago.

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