- Payment network to be largest licenced crypto exchange in the world
- New Stellar-backed debit card allows crypto balances to be applied to payments for goods
- Available in EU initially but will be extended depending on demand
Tempo Money Transfer, the Paris-headquartered, Europe-wide international money transfer service operating Stellar blockchain payments, is aiming to simplify the exchange process between crypto and fiat by creating what it says is the biggest payment network of any licenced global cryptocurrency exchange.
Tempo’s money transfer services enable easy-to-use cryptocurrency trading by facilitating the process on its online platform and smartphone app. It’s the premiere anchor for Stellar in Europe and operates on the Stellar DEX.
Offering easy to access exchange rate comparisons, Tempo allows users to buy cryptocurrency either through its app or at one of its 300 agent locations. Since it doesn’t entail the need to convert tokens to Ethereum or Bitcoin to finalise the transaction, fiat owners don’t have to fork out hefty cash-out fees for Bitcoin ATMs.
Speaking to Venture Beat magazine, Tempo’s founder and president Jeffery Phaneuf explained that the firm’s original business was international money transfer, adding: “Consumers can use our online money transfer platform or mobile application to send money internationally. They can also visit any of our 300 physical agent locations all over Europe and send money over the counter. We’ve recently launched our digital asset currency services, which allow clients to buy various digital assets, such as Stellar (XLM), Bitcoin (BTC), Mobius (MOBI), and our euro-backed stable coin, EURT. They can also cash out their digital assets in any of our agent locations.”
Fiat backers can use Tempo to exchange their cryptocurrency for cash instantaneously. However, the platform is now about to offer a Stellar-backed Visa or MasterCard with an associated bank account that lets them apply their crypto balances to the purchase of goods and services. As Phaneuf put it, this will add a new option for users: they can not only buy crypto via Tempo, they can also redeem or use any crypto funds in their credit card or bank account to buy stuff.
Initially, Phaneuf said, the offering will be confined to EU residents because Tempo wants to strengthen its relationship with EU-located clients more fully. However, if demand for the debit card is there, Tempo will consider providing it in other regions, too.
Tempo’s EURT stable coin, which is tied to the euro, is an inherent part of the process; it helps protect against cryptocurrencies’ notorious volatility. Purchasable through the online platform, the smartphone app or personally at any Tempo agent kiosk, EURT funds can be sent like conventional euro transfers to recipients across the international money transfer innovator’s global network. Once at its destination, it can be held as a hedge against the prevailing volatility in cryptos, traded for an alternative digital currency or easily cashed out one-to-one with euros.
Blockchain tech gives further benefits to Tempo users. As Phaneuf says: “We have incorporated the blockchain technology to make our transfers faster and more affordable.”
The money transfer services disrupter has already partnered with some major payment players on the Stellar blockchain, including Bitbond, Flutterwave, SatoshiPay, and Coins.ph. It’s growing crypto network has huge potential to create more efficiencies in the remittance payment sector by increasing the speed of transactions, slashing working capital and reducing the need to pre-fund bank accounts – all of which add up to major cost savings.
If you’ve enjoyed this article, you might like to read our recent article on Tempo here.
