The Stellar platform is building steam, not just as an ICO fundraising vehicle, but also as an alternative to Ripple and other blockchains that have been branded as a better option for international money transfers. The foundation has announced a partnership with TransferTo, a global cross-border mobile payments network, and its value increased approximately 15% to a new two-month high, from $0.30 USD to a high of $0.35 USD.
TransferTo provides people with access to 600 operators in 150 countries around the world. Using the platform, companies are able to scale their international business opportunities with cross-border digital payments, including crypto payments and various alternate payment networks, particularly in emerging markets. Users are able to make individual payments, as well as mass payments to multiple recipients at once, in different countries and currencies.
TransferTo is based in Singapore, where regulations are extremely crypto-friendly. The B2B mobile settlement system has clients including PayPal, Western Union, Moneygram, Tigo, 7 Eleven, World Remit and AT&T. The existing infrastructure includes a global installment network that connects various financial institutions.
In its partnership with Stellar, TransferTo is able to upgrade its network’s value and performance. The company’s Chief Customer Officer, Aik-Boon Tan said, “We always aim to be at the forefront of the payments industry, and by partnering with Stellar our goal is to trial the blockchain technology and scale our cross-border payment service to better serve our partners and reduce costs. This can enable our partners to better serve both the migrant workers sending money home and their families receiving it.”
Stellar is already designed to enable cross-border payments between entities, including financial institutions and their customers. It is cheaper and faster than traditional wire-transfer methods such as SWIFT, putting it in direct competition with Ripple and other alternatives. Stellar’s real-time transfers are extremely inexpensive and secure. Stellar’s Director of Partnership, Lisa Nestor said, “TransferTo is a leader and innovator in the remittance space, and has extensive experience and reach in emerging markets. We’re thrilled to be partnering with TransferTo to offer an expanded network for our current and future partners, as well as continue to drive greater financial inclusion for the underbanked.”
With this deal, the price of XLM skyrocketed and over $17M was traded on Binance on July 25. It is currently trading at almost double its low of $0.17 in June. This is not the only good news coming out about the coin. Most notably, Coinbase is exploring the addition of XLM and several other coins to their platform. If that happens, it could not only have a positive effect on overall sentiment, but the added volume of customers and trading could also drive the price up. In addition, Stellar is Sharia certified, giving it access to huge markets in the Middle East. Note that we are not financial advisors, so be sure to check with a professional before making an investment decision. However it’s clear that great things are happening with this platform, and more news is on the way.