Ripple Partners With European Financial Institution Lunu

June 8, 2022 7:16 pm

Ripple has just announced a partnership with another European financial institution and this time it is with the startup Lunu.

Luna is a payment processing provider for many luxury retailers in Europe that all use its services for point of sale terminals as well as online payments.

With this new partnership with Ripple, all of Luna’s retail clients will be able to crypto payments by using the liquidity hub of Ripple.

Essentially, the crypto that customers pay with will be automatically converted into fiat at the most competitive rates by being able to utilize Ripple’s On-demand liquidity technology.

This makes Lunu one of the most competitive crypto payment processing services in Europe and will also further the amount of businesses that take advantage of the Ripple network (RippleNet).

CoinQuora.com reports:

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 partnership with Lunu is a continuation of the streak of partnerships that Ripple has been able to achieve worldwide.

Just recently, Ripple had partnered with another European financial institution called FINCI that is now using Ripple’s ODL service to facilitate faster and cheaper cross border payments.

That partnership has already expanded quickly and has established Ripple’s viability as a cross-border payments network that can be used by financial institutions all around the world.

It would just be a matter of time before other institutions see the opportunity and join in on this shift in the financial industry.

BusinessWire concludes:

Demand in Europe for Ripple’s products remains extremely strong.

Ripple’s 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, while 59% of respondents expressed interest in using blockchain for payments.

In 2021 Ripple had its most successful year to date, more than doubling the number of transactions on RippleNet. RippleNet’s annualized payment volume run rate now stands at $15B.

RippleNet leverages blockchain technology to help Ripple’s partners around the world accelerate their business performance and scale.

It delivers a superior end-customer experience, simplified network partnering, liquidity management solutions, lines of credit, and state-of-the-art infrastructure to enable real-time payments.

One of the major selling points that makes it the preference for many is due to its ability to provide crypto liquidity that surpasses all other solutions currently on the market.

As a result, investors are expecting more partnerships coming up with many of them being done in private.

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