According to reports, a new partnership announcement between SHIFT Markets and Lightyear will see a brand new integration for the Stellar network, one that not only promises to bolster Stellar’s reputation, but also promises ease XLM up too.
At the time of writing, XLM is up 5.82%, some of this rise is no doubt down to the recent announcement by SHIFT and Lightyear.
According to PR Newswire:
“Shift Markets, whose market platform is a turn-key solution to starting a cryptocurrency exchange or brokerage, announced a partnership with Lightyear to support the integration of Stellar technology. SHIFT provides a single point of entry to access many regions where cryptocurrencies have yet to scratch the surface and allows XLM to be traded directly against multiple fiat currencies. As a result, SHIFT addresses a critical need in the Stellar financial ecosystem: to acquire lumens today, users must first purchase BTC or ETH through a fiat gateway, and then send it to a crypto exchange, where they can trade it for XLM. This extra step typically prevents many new or inexperienced users from owning XLM and removing it will allow for the broader adoption of lumens and wider participation in the Stellar network.”
We must mention the integration of Lightyear here. Lightyear is already powered by the Stellar network, so without this integration the partnership would never have surfaced. In essence, Lightyear allows other companies to join the Stellar network, so, through this and through SHIFT, the network has been opened up to a range of new users and projects. This really does promise to do great things for both the trading volume and name of XLM, which in turn can only benefit the value of XLM and make it more adoptable.
Ian McAfee, the CEO and Founder of SHIFT has commented on the partnership:
“This is an exciting partnership for us as many of our exchange clients would like to offer Lumens trading on their exchange. Their commitment to provide low-cost financial technologies in developing nations makes them a good fit for our market. We aim to increase Lumen liquidity and usage for both major and exotic fiats.”
Moreover, Paul Arnautoff the Director of Sales and Partnerships at Lightyear has added:
“We are very excited to partner with Shift Markets to help expand the utility and reach of the Stellar blockchain network. With Shift Market’s technology platform and the customers, they work with, Stellar users will now have access to a growing network of liquidity providers in new and emerging markets. With new on-ramps and off-ramps for fiat to virtual currency, the Stellar network continues to expand its mission of financial inclusion and reducing friction in cross-border payments.”
You can see the full press release for yourself, here.