BlockEx Will Now Support Stellar (XLM)
BlockEx is an exchange for digital assets, whose focus is institutional investors. It recently announced that it would support Stellar (XLM) crypto coins on its network. The CEO of BlockEx said that offering support for the Stellar protocol was an important move for them. It would also benefit their token sales customers and white label brokerage partners.
The Stellar Mission
Stellar was created as an open-source protocol for exchanging digital tokens or fiat with the help of the blockchain. Stellar consists of a distributed ledger that connects people to payment systems and banks. As a result, users are able to transfer value from one point to the next.
YOVO, a provider of global mobile services recently endorsed this revelation. The CEO of YOVO said that supporting Stellar was smart of BlockEx. He added that this would lead to more opportunities for BlockEx and they were waiting to work with them in the future.
The YOVO CEO said that his company was focused on evolving how people access mobile services globally. He added that customers using their services already had over 40 crypto coins for paying for services and top-ups with over 500 operators globally. YOVO already has a solid partnership with Stellar. They protocol offers YOVO a way to transfer value internationally to their users at almost no cost.
BlockEx is an exchange for digital assets. It also offers technology for institutional investors, which opens up opportunities for the trade in an efficient and transparent manner. The company is based in London and is registered as a fintech. Thus far, it has been quite successful. It offers exchange brokerage with the help of blockchain technology.
A Closer Look at Stellar
One of the aims of Stellar is to create an open source ecosystem that connects the entire financial system. This will make it possible to move money around and even across borders at almost zero cost.
Even in 2018, remitting money across borders can be quite hectic and costly. The process has changed little since it was first created hundreds of years ago. While Ripple made it possible for corporate account and banks to send money across borders, Ripple wants to do it for the ordinary people.
With Stellar, you do not need to wait three to five days to get your money. Remittances take place immediately. It has an exchange built into it, which eliminates the need for a third party on the other end. The best part about it is that it is open to anyone from any location in the world.
This process is especially useful in African and Asian countries. However, Stellar has not been as efficient in these regions. Despite this, various banks and institutions are taking the initiative. The aim to ease the process of using the Stellar network.
While major crypto like ETH and BTC have their use, they are not efficient for cross-border transactions. It is especially so for people who just need to send money internationally to their families.