· 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.
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