Stellar Lumens enters international money transfer market

| |

Daniel Webber
Daniel Webber
Founder & CEO
Daniel is Founder and CEO of FXcompared and has 18 years of experience in the international finance world focusing on cross-border payments, technology and the property sectors. Daniel is widely… Read more

·       Digital currency provider has partnered with Tempo to facilitate cryptocurrency payments

·       Decentralized exchange will be hosted on Stellar's own blockchain

·       Tempo currently available in 120 countries worldwide

Stellar Lumens has announced a foray into international money transfers by partnering with payments provider Tempo to facilitate transactions using native coin.

The deal establishes Tempo as the largest network involving cryptocurrency exchanges. The Stellar Decentralized Exchange will be used to store and settle blockchain transactions, while the XLM native coin will be used to transfer cross-border payments.

The popularity of the Tempo mobile app positions the payment platform to become a top competitor with other cryptocurrency providers.

According to Tempo president Jeff Phaneuf, the deal will benefit customers right away.

“The existing Tempo remittance network allows Tempo to offer a quick cash-out process in multiple countries. We are now expanding to offer the easiest, fastest and most secure bridge between cash and crypto,” said Phaneuf.

The deal should make international payments easier and more affordable for customers to send money abroad to family and friends, pay regular expenses or save for basic needs like tuition and medical care.

By teaming up with Stellar Lumens, Tempo can offer a simplified platform for remittances without the high fees and inconvenience of traditional cash payments. Thanks to its mobile app and extensive international payments network, customers can cash out their cryptocurrency payments without waiting days for transactions to be finalized or paying hefty cash withdrawal fees at a Bitcoin ATM.

This represents a significant advantage for Stellar Lumens and Tempo over many other cryptocurrency/digital payments pairs.

The Tempo digital payments platform is already available in 120 countries, with plans to expand even further in the near future.

The deal with Tempo comes on the heels of another big development for Stellar Lumens.

Coinbase, the leading US crypto-exchange platform, announced last week that the company is exploring a range of new digital currency assets to serve its more than 13 million customers, with Stellar Lumens topping the list. The announcement pushed Stellar to nearly double-digit gains in just 24 hours.

For more information on the best ways to send international money transfers in any situation, click here to browse our comprehensive collection of personal guides.


Most Read

Use Our Currency Comparison Tool

Select country...

Select country...

Send

Editor's Choice

FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended.  FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.