Lunu Solutions, the Berlin-based startup, is closing the gap between cryptos and retail with the launch in September of a revolutionary processing system along with the sleek, modern in-store Lunu Terminal, and the online Lunu Widget that make it possible to use a wide range of cryptos in swift, cost-efficient, above-board retail transactions. That’s good news for the 40 million people holding crypto wallets today.
Join us at Money 20/20 in RAI Amsterdam, September 22-24. We’ll be happy to meet you at booth P20 to answer your questions about our products and processing.
“Lunu Solutions provides the first opportunity for cryptocurrency owners to spend cryptos in everyday life without pre-exchanging cryptos for fiat money,” says Lunu Solutions CEO and Co-Founder Artem Shaginyan. “The customer can now use, potentially, every cryptocurrency from almost every wallet for daily purchases. And for the merchant, it’s an opportunity to accept crypto payments and receive fiat money in return while attracting a new, up-scale, forward-thinking, hip client base.”
The system works seamlessly in a retail transactions that takes just 3-seconds – less time than a credit card purchase. The customer tells the retailer he/she wants to pay in cryptos and the merchant enters the retail price of the purchase and the type of cryptos being used into the Lunu Terminal. The information goes to LUNU’s arbitrage pool, where independent international arbitrageurs search for the best exchange rate for the customer. Once that rate is found and flashed on the terminal, the customer pays with his crypto wallet. The customer’s payment goes to the arbitrageur who converts it to stablecoins backed by the local currency and sends payment to the merchant. The merchant then transfers the stablecoins to his retail bank account in local currency.
The customer pays no exchange commission and, at just 1%, the processing cost to the retailer is lower than the 1.5 - 3% charged by most credit cards.
Two additional products further enhance the adoption of cryptos in real life. Lunu Credit Access makes online loans of up to 10,000-Euros in stablecoins available instantly to crypto holders. The Lunu Wallet allows crypto holders to exchange their cryptos for local currency online and then transfer the sum unto their bank accounts. Both products offer competitive market-based interest rates, without charging punishingly expensive exchange rates and commissions.
“Cryptocurrencies are one way around expensive clearing systems,” says Lunu Solutions CTO and Co-Founder Petr Vishnyakov.
The first batch of Lunu Terminals will be on the market in June and will accept the top ten cryptocurrencies currently in-use. The Terminals will support Visa, Mastercard, Apple Pay and Google Pay transactions in Q1 2021.