Stellar have today been published a new partnership announcement that will see Stellar’s XLM currency become nationally available in over 70 countries. By expanding their already growing customer base, XLM is cementing itself as a direct competitor for XRP, with regards to cheap, fast and reliable cross border payments.
The partnership see’s Stellar working alongside TransferTo, an established cross border money transfer service. TransferTo is currently available in over 70 countries and thus, now so is the Stellar platform and XLM currency.
According to an official statement by TransferTo:
“TransferTo is excited to announce that it is partnering with Stellar.org to further enhance the way in which money is transferred across borders. Under this collaboration, financial institutions and partners of both Stellar.org and TransferTo will benefit from the combined network coverage, and be able to leverage new technologies to send and receive money more efficiently to more than 70 countries.”
“TransferTo operates a cross-border mobile payments network for emerging markets, which interconnects financial institutions and digital financial service providers globally. Like the TransferTo network, Stellar also provides the benefits of real-time, secure, and low-cost transfers. By integrating with Stellar, TransferTo will enable a more seamless and efficient settlement method between its network partners.”
By improving Stellar accessibility, TransferTo opens XLM up to a brand new customer base and moreover, is sure to introduce a whole host of new customers to the world of cryptocurrency. This is not only a great move for Stellar, it’s a great move for cryptocurrency adoption too.
As mentioned, this is move that directly affects Ripple and XRP and is one which Ripple will no doubt be frustrated about. Whilst the two currencies are different in many ways, the pair do have a universal goal and that is to improve the world of remittance payments. XRP was once considered the world beater in this field, but as we have seen over recent months and through the materialisation of this announcement, Stellar is improving and XLM is indeed on its way up.
Here’s what Aik-Boon Tan, the Chief Customer Officer at TransferTo had to say:
“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.”
Furthermore, Lisa Nestor, the Director of Partnerships at Stellar has 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.”
You can see the full official announcement for yourself, here.
It’s clear both groups are super excited about this partnership and indeed, they should be. Stellar really is strengthening its position in the markets and is becoming one to watch by the day.