How This Ripple Partnership Will Enable Crypto Payments For Luxury Items
Payment company Ripple announced a partnership with Lunu to enable crypto payments across luxury brand retailers. The partnership will allow users to use Ripple’s Liquidity Hub to pay for in-store and online store items, a press release claims.
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Founded in 2018, Lunu is a crypto payment provider which enables merchants to accept “numerous” cryptocurrencies as payment methods. These funds can be converted from digital assets into fiat currency, such as U.S. dollars and Euros.
Lunu offers its affiliated merchants a variety of products, like points of sales or Lunu terminals to process in-store payments, a Lunu widget for e-commerce platforms, a wallet to buy, store, swap, and conduct transactions with digital assets, and others.
This partnership has the potential to enable millions of users and merchants to adopt cryptocurrencies. Lunu operates with e-commerce giants, such as Shopify, Woo Commerce, Magento, BigCommerce, PhP, and others.
Amongst its luxury brand retailers are renowned jewelry Steven Stone, Chalhoub Group, Off-White, Browns, Courbet, L’Exception, Farfetch, and more. The partners believe their collaboration with allows for the acceleration of crypto adoptions for the benefit of merchants and consumers.
The former will have the opportunity to tap into new consumers, and the latter will be able to benefit from fast, low-cost transactions with Ripple’s Liquidity Hub. This platform “seamlessly” connects shops and consumers with global venues, such as OTC desks and exchange platforms.
Rajesh Madhaiyan, Director of Product at Lunu, said the following about their partnership:
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.
Ripple Attempts To Extend Good Streak
Along those lines, Sendi Young, Managing Director for Ripple Europe highlighted how the company attempts to provide more crypto liquidity for different 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. 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 payment company is currently in a legal fight against the U.S. Securities and Exchange Commission (SEC). The regulator claims the company and two of its executives sold an unregistered security, XRP.
The current perception across the crypto space seems to favor Ripple as a potential winner, but the trial is ongoing without an official verdict.
Despite its legal battle with the U.S. SEC, the payment company saw its “most successful year to date” in 2021. One of Ripple’s products, RippleNet, records an annualized payment volume north of $15 billion.
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At the time of writing, XRP trades at $0.4 with a 2% profit on the 4-hour chart.