On Tuesday (June 7), Californian FinTech firm Ripple announced a partnership with a German tech startup that specializes in processing cryptocurrency payments for luxury retailers.
According to Ripple’s press release, Berlin-based startup Lunu has become a customer of Ripple Liquidity Hub, which allows “financial institutions and businesses” to “easily and efficiently source digital assets from global crypto markets”, and which “unlocks new revenue streams for organizations by enabling them to offer end customers the ability to buy, sell, and hold digital assets.” Liquidity Hub customers can “seamlessly access crypto assets from a variety of global venues, including market makers, exchanges and OTC desks.”
This partnership will allow Lunu’s “high-end and luxury retailers in the UK and Europe” to accept — with the help Ripple Liquidity Hub — crypto payments “in store via Lunu’s point of sale (POS) terminal and online widget.” Examples of such customers are “Farfetch, Off-White, Browns and Steven Stone.”
Lunu, which was founded in Berlin, Germany in 2018, is “the creation of Artem Shaginyan and Petr Vishnyakov, two successful tech entrepreneurs who met in 2018 at an avant-garde art exhibition in one of Berlin’s industrial hangars.”
The Lunu System “combines Lunu Terminal and Lunu Widget with a processing service that conducts instant auctions through the proprietary Lunu Arbitrage System.” It is “based on a pool of independent arbitrageurs, assign the market price for the crypto-to-fiat exchange, while systems oracles monitor and verify the transactions in third-party blockchains.”
Rajesh Madhaiyan, Director of Product at Lunu, had this to say:
“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.“
And Sendi Young, UK and Europe Managing Director at Ripple, stated:
“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 views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.