• Thu, 22 Aug 2019, 09:47 AM
  • All times are UTC
  • Edition:
Copy link
Increase text size
Decrease text size
Link copied

Wirex partners with Stellar network, announces plan to launch 26 stablecoins

Image Via Wirex (Twitter)

Fri, 26 Apr 2019, 04:36 am UTC

Wirex, a UK FCA-regulated digital money platform, has announced support for Stellar Lumens (XLM) on its platform, bringing its digital token offering to nine overall.

In an online post dated April 24, the firm said that users would now be able to buy, store, exchange and spend lumens (XLM) on its platform.

Importantly, Wirex announced that it has partnered with the Stellar network, adding that the release of a secure Wirex XLM account marks just the first phase of this collaboration.

The company said that it plans to launch 26 stablecoins on the Stellar network. These stablecoins will be pegged to a large variety of international fiat currencies, including USD, EUR, GBP, HKD and SGD.

“Providing stablecoins in an array of local currencies allows for swift, international remittance without the need for local liquidity providers – and converting back into local currency is quick and cheap”, Wirex said, adding that Wirex stablecoins could be “used seamlessly in day-to-day life – online, at ATMs and in shops, restaurants and supermarkets – thanks to the Wirex Visa card.”

In addition, these stablecoins can also be instantly converted into digital or traditional currencies at OTC and interbank rates.

As to why it chose Stellar, Wirex said that the Stellar protocol features an inbuilt compliance framework, which automatically ensures regulatory adherence. In addition, Stellar manages at least 1,000 tps, making it significantly faster and more scalable as compared to Ethereum blockchain at 25 tps.

In February, Wirex released its latest version, Wirex 3.0, which added support for 10 new fiat currencies. Last month, it announced the launch of its business accounts which can transact in both fiat and cryptocurrencies.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Bitcoin (BTC) $10,015.90 (-1.69%)
  • Ethereum (ETH) $186.79 (-0.73%)
  • XRP (XRP) $0.264600 (-0.30%)
  • Bitcoin Cash (BCH) $297.99 (-0.72%)
  • Litecoin (LTC) $72.86 (+0.78%)
  • Bitcoin (BTC) $10,015.90 (-1.69%)
Aug 22, 2019 (Thursday)
Former Zaif exchange owner Tech Bureau to discontinue crypto business after completing customer refunds
Crypto Technicals: XLM/USD bearish trend intact, hits multi-month lows at 0.06542
Russian firm ICORating settles $270K fine with SEC for concealing ICO touting payments
Travelport, IBM, BCD Travel to develop blockchain solution for hotel commissions
Trade.io ends relationship with Forbes CryptoMarkets portal
Winklevoss twins-owned crypto exchange Gemini expands to Australia
South Korea’s Woori Financial to develop blockchain-based financial services with Ground X
Crypto Technicals: Bitcoin Gold hits 5-month lows below $13, momentum studies bearish
Digital securities platform Securitize becomes SEC-registered transfer agent
Indian Supreme Court grills RBI for cryptocurrency banking ban
Cryptopia customers did not have individual wallets; liquidator Grant Thornton to manually determine crypto ownership
Korean crypto exchange Prixbit shuts down over financial crisis
Crypto Technicals: BTC/USD below $10K, breach of 'Symmetric Triangle' could plummet prices further
Aug 21, 2019 (Wednesday)
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
European Commission looks into “potential anti-competitive behavior” of Facebook's Libra: Report
Thailand’s Siam Cement Group seeks to expand Corda-based ‘Procure to Pay’ solution to 2,400 suppliers by 2020
Crypto Technicals: BCH/USD rejected at cloud, violation at 200-DMA to open up downside
Blockchain settlement startup Fnality adds former UBS and IMF executives to management team
Austrian telecom giant A1 to offer cryptocurrency payment option
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.