Summary:
- The blockchain firm behind XRP expands its presence in Europe with the latest announcement.
- Lunu will leverage Ripple’s Liquidity hub to deliver quicker crypto exchange and transactions.
- The collaboration hopes to bolster payment options across luxury retail stores in the UK, Germany, and Europe.
- It also marks another milestone for Ripple’s growth as a blockchain powerhouse.
- The company already has a presence in the Middle East and clocked $15 billion in payment volume on its network in 2021.
- Ripple also plans to drive global crypto adoption with the move.
Blockchain giant Ripple (XRP) has inked a partnership with Berlin-based crypto startup Lunu to power faster and secure digital asset payments in luxury retail stores across Europe.
According to the press statement released on Tuesday, Lunu will integrate Ripple’s Liquidity Hub with its Point-of-Sale (POS) terminals and online widget to allow customers access to the best prices when making crypto to fiat payments at retail stores.
The Liquidity Hub provides turn-key integration and smart order routing, plugging users with digital assets pools from market markets, exchanges, and over-the-counter (OTC) services.
Lunu was founded in 2018 by Artem Shaginyan and Petr Vishnyakov. The pair birthed the idea to bridge cryptocurrencies and high-end luxury during an art exhibition in Berlin. Since then, the startup has filtered into a plethora of locations across Europe, connecting retailers and customers with secure crypto payment facilities.
Commenting on the partnership, Lunu’s Director of Product Rajesh Madhaiyan stressed that the partnership with the blockchain giant could play a key role in efforts to align brands, retailers, and customers with modern innovation and disruptive technology.
Madhaiyan added that:
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.
Ripple’s Push Across Europe And Global Crypto Adoption
For the blockchain developer behind XRP, the latest partnership signals another real-world use case for Ripple’s network and liquidity solutions. In 2021, the company recorded massive growth and now boasts an annualized payment volume of $15 billion.
Moving forward, the firm believes the Lunu deal could aid its push into the European markets and provide more exposure to its product offerings while also driving global crypto adoption.
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.
– Sendi Young, Managing Director, Europe, Ripple