Stellar’s Interstellar Partners with ZED Network to Reduce Fees on Remittance Payments
Stellar Partners With ZED Network via Its Subsidiary ‘Interstellar’ to Reduce Fees on Global Remittances
Global payments are slowly being integrated with blockchain platforms via crypto projects like Ripple and Stellar. The two have proven their ability to handle DApps dealing with global remittances by incorporating features like Xrapid tech to improve the efficiency within this ecosystem.
Today, the ZED network made an announcement that it is going to be partnering with Interstellar. This is the company in charge of developing the design for Stellar’s blockchain network for it to qualify as a good fit for global transactions, both large & small.
As of press date, both ZED and Interstellar have made a big milestone by collaborating to produce an all-inclusive ‘global payments’ avenue. Ideally, ZED is meant to provide an all-round solution to Money Transfer Operators whose infrastructure is integrated with Stellar.
Interstellar is barely a week old, the entity was formed after Stellar’s Light year and Chain were combined. This happened when Light year acquired Chain to scale Stellar’s scope in the cryptocurrency arena. Therefore, helping Stellar to slowly make its mark amongst the fundamental altcoins especially with the ‘global payments’ market. The XLM platform can facilitate low fees, ease the access and give more options for digital assets one can trade/purchase internationally.
According to Alan Safahi, ZED’s CEO and founder, his team’s goals and those of the Stellar community in the global payments arena are definitely the same. This creates a common interest amongst the now strategic partners where both are looking forward to more adoption while offering solutions in Fin Tech. ZED aims at going global in the near future as the blockchain era takes shape in today’s businesses and other activities!
To add on to Alan’s sentiments, the Head of Sales & Partnerships at Interstellar said that the ZED platform will make it easier for users to adopt the Stellar blockchain. Paul supported his view by arguing that Money Transfer Operators would prefer joining a network without having to undergo the integration technicalities. According to him, this is something the ZED network would spare users from if successful. Then it would be a win-win for both Stellar and ZED on gaining relevance within the crypto sphere.
In summary, ZED’s infrastructure targets to address the existing imbalances within the global payments ecosystem by impacting the Money Transfer Operators. This network will operate on Stellar’s network whereby the ZED platform will create a common place for the interaction of MTOs hence the ease of sending and receiving remittances.
Among the products that ZED will offer include; mobile applications, a website & a wallet to enable the exchanging of digital assets globally. In addition, the platform will have strong follow up features for reporting & analysis to ensure guidelines and rules are followed. This will probably see a reduction in the over $40 billion fees charged for cross-border payments.