Stellar Lumens hits 1m accounts milestone as crypto-to-fiat nears


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

·       Stellar Lumens hits one million account users

·       300,000 new accounts in August alone

·       Partnership with White Company and Fintech Ltd brings crypto to fiat withdrawals closer

It’s been another eventful week for the cryptocurrency network Stellar Lumens following a double development. The crypto-based cross border payments platform chalked up a milestone of one million accounts on its ledger this Wednesday, according to blockchain explorer and analytics outfit Stellar Expert. Moreover, its recent partnership with The White Company and Fintech Ltd has brought the prospect of Stellar Lumens (XLM) to fiat currency withdrawals much, much closer to reality.

It was only a short while ago that Stellar Expert was publishing data revealing that the crypto remittance and international money transfers firm had broken the 100,000 mark for accounts on its ledger. During August this year, over 300,000 new accounts were added. As the month draws to a close, the total number of accounts has hit the one million mark.

China’s largest crypto exchange, Huobi, started trading Stellar Lumens’ XLM coin on its platform in July. Coinbase has also announced that it’s exploring the prospect of adding the digital currency to its platform too, although it’s fair to say that the jury’s still out on that one as a firm decision to proceed has yet to be made. However, it’s definite that mobile remittance network TransferTo has recently formed a partnership with Stellar Lumens that will see XLM being used in cross border payments across 70 countries. Of course, IBM has now confirmed that Stellar’s coin was used by two of the world’s biggest banks in foreign exchange corridors.

It’s reasonable to conclude from all this that Stellar is in good health. It’s attracted more investors and more goodwill of late, largely due to its consistent business model. This new one-million accounts milestone is likely to persuade more investors to put their money into the firm, which would help boost XLM prices in the cryptocurrency market.

The Stellar-White Company-Fintech Ltd partnership marks another major stride forward for the international money transfers upstart. The aim is to introduce euro, GBP and USD withdrawals and deposits via White Standard (WSD) stable coins. The initial platform for this much-wanted service will consist of an exchange built by Stellar with Fintech Ltd’s Interstellar Decentralised Exchange (DEX) and wallet.

The WSD stable coin is backed by deposits and is subject to regular monthly audits by independent third parties. These digital assets have been thoroughly tested and are known to be capable of supporting not just instantaneous and also highly efficient transactions. They also integrate frictionlessly into the Stellar-DEX and broader distributed ledger ecosystem.

On top of this, the White Company has developed an additional platform known as White Wallet, which allows users to send, receive, buy and sell WSD stable coins with either fiat currencies or other digital coins. The White Company clearly possesses a relentless drive to keep innovating and launching new services, including new euro-backed (WSE)  and GBP-backed (WSP) stable coins.

Commenting on the new partnership, White Company CEO Elizabeth White said: “Our goal is to unleash crypto’s real world potential, and this partnership with Interstellar is the first of many steps in not just bringing the White Standard stable coins to the masses, while increasing the ease for consumers to purchase Stellar Lumens (XLM) with USD, GPB and the Euro.”

If you’d like to read more about Stellar Lumens, you might enjoy this article.

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