Providing increased adoption and liquidity in major & exotic fiats for Stellar Lumens (XLM).
Stellar’s Purpose and Adoption Limitations
Stellar is a digital asset and platform designed to facilitate the transaction of money across borders quickly and for a low fee. Stellar’s main focus is in the financial services industry, aiming to work alongside the banking industry rather than against them. Their infrastructure enables customizable payments, remittances, mobile payments, micro-transactions, and financial services to those who are unbanked.
However, until now, users had to purchase a specific cryptocurrency such as BTC or ETH and send it through an exchange to trade it for XLM. This limits the adoption of Lumens on a larger scale if users must purchase another cryptocurrency in order to receive XLM.
This extra step typically prevents many new or inexperienced users from owning XLM and removing it will allow for the broader adoption of lumens and wider participation in the Stellar network. This is a very important partnership for both companies due to the fact that Lumens will now be listed on a variety of exchanges.
Our Partnership Provides Adoption, Liquidity, and Fiat Solutions
Our partnership provides a single point of entry for XLM to access regions where cryptocurrencies have yet to be adopted. By allowing XLM to be traded directly against multiple fiat currencies, XLM will now gain exposure from different fiat currencies from all over the world.
Paul Arnautoff, Director of Sales and Partnerships at Lightyear.io, said that his company is very excited about partnering with Shift and its intention to help expand the Stellar network. Furthermore, he explained that with this agreement, the network will have more liquidity and added:
“We are very excited to partner with Shift Markets to help expand the utility and reach of the Stellar blockchain network. With Shift Market’s technology platform and the customers, they work with, Stellar users will now have access to a growing network of liquidity providers in new and emerging markets,” said Paul Arnautoff, Director of Sales and Partnerships at Lightyear.io. “With new on-ramps and off-ramps for fiat to virtual currency, the Stellar network continues to expand its mission of financial inclusion and reducing friction in cross-border payments.”
Developing and emerging markets that do not have as much volume and liquidity are embracing cryptocurrency because there is no fiat crossover or cross border settlement. Because Stellar is essentially a payment platform, finding exchanges in our network that can strategically pair XLM with these markets offers a value proposition that is fundamental to their business model. This partnership will also lead to Stellar having greater chances of getting accepted by banks for cross country payments.
Our Founder and CEO, Ian McAfee, went on to explain:
“This is an exciting partnership for us as many of our exchange clients would like to offer Lumens trading on their exchange. Their commitment to provide low-cost financial technologies in developing nations makes them a good fit for our market. We aim to increase Lumen liquidity and usage for both major and exotic fiats.”
You can also ask any questions you may have in our Telegram channel and a team member will get in touch.