BTC Markets is committed to bringing new digital assets to the platform and our focus remains to support assets that meet our standards, are legally compliant and have a part to play in the future growth and adoption of blockchain technology. With no exception to this, we are thrilled to announce support for Stellar Lumens (XLM) on BTC Markets! From the 3rd of April 2019, BTC Markets users will be able to deposit XLM into their trading accounts, with AUD and BTC market pairs to open on the 4th of April 2019.
Stellar is a decentralised cross-asset value transfer ledger, designed to facilitate instant borderless payments. It provides an open-to-all payments network, to connect individuals, institutions and payment systems through its open-source platform. In practice, to make payments via the Stellar network you first deposit fiat currency to a gateway in the network which converts those funds to tokens on the Stellar ledger. You can then transfer those funds in real time to other Stellar network participants. This solves the well-known issues with traditional international payments made via banks that are costly and can take days to settle.
Stellar (XLM) is often compared to Ripple (XRP), due to their similarities as a decentralised ledger-based payments platform. It comes as no surprise that Stellar’s front-man, co-founder and CTO, Jeb McCaleb, was one of Ripple’s founders but left in 2013 due to differences with leadership about Ripple’s strategic direction. Stellar was then founded in 2014 as a non-profit, with a focus on helping people and extending financial services reach to the unbanked corners of the globe. It describes its mission as - “expanding access to low-cost financial services to fight poverty and maximise individual potential”. With the pedigree in Stellar’s leadership and recent announcements of support from over 40 major banks through IBM, Stellar is certain to formatively change the international payments market and become a mainstay in blockchain technology.
With the growing support of digital assets from major financial institutions and tech giants globally, the next phase of blockchain is near. Stellar's race to the international payments market will be a compelling one to watch and BTC Markets is thrilled to have the opportunity to support a project that is founded in the ethos of inclusion and reach that blockchain technology was born.
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