By
Svetlana Soroka
April 5th, 2024
Stellar is calling the shots in the crypto market after signing a new deal with TransferTo to enhance the cross-border payment transfers and settlements across 70 countries.
Stellar is getting all the attention from the global crypto community and businesses, as the Stellar Lumens (XLM) token makes it way to become the sixth largest cryptocurrency by market cap. In its latest price surge, Stellar has put behind formidable competitors like Litecoin, IOTA and others. Yesterday, on July 25, the cryptocurrency posted tremendous gains of more than 20% and is currently seen trading at $0.33 with its market cap crossing over $6.3 billion, according to the data on CoinMarketCap.
Stellar’s New Deal With TansferTo Triggers Price Movement
TransferTo, an international money transfer platform announced its partnership with Stellar on Wednesday. As a part of the deal, TransferTo will work with Stellar to enhance the cross-border payment transfers and settlements providing customers with low-cost, real-time and secure transfers.
TransferTo is a cross-border mobile payments networks interconnecting international financial institutions and other digital financial services. Stellar, on the other hand, is a distributed and open-source public blockchain network that facilitates a cross-asset transfer of value between different financial institutions e.g. banking systems and payments gateways. As a blockchain platform, Stellar is known for its instant cross-border payment settlements and execution capabilities.
As a part of this collaboration, all the affiliate partners and financial institutions associated with the Stellar and TransferTo will be able to leverage their technologies for payment remittance, while expanding its operations to more than 70 international destinations around the globe.
While speaking on the recent developments, Aik-Boon Tan, Chief Customer Officer at TransferTo 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.”
Lisa Nestor, Director of Partnerships at Stellar.org also sounded very positive on this new collaborations saying:
“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.”
This deal is a clear indication that Stellar is emerging as a formidable force and competitor to Ripple for blockchain-based cross-border payments linking multiple financial institutions across the globe.
Stellar Is Riding High On The Wave of Positive News
A lot of positive news in the last few weeks is causing Stellar Lumens (XLM) to surge high at a zooming speed. Last week, Coinbase, one of the world’s largest cryptocurrency exchanges, announced that it is planning to add the support for the trading of Stellar (XLM) tokens on its platform along with four other digital currencies.
Additionally, The Shariyah Review Bureau (SRB), a leading international Sharia advisory agency gave the Stellar Foundation a Sharia Certification which gives the company direct access to all the Islamic financial institutions across the UAE. Stellar noted:
“In partnership with SRB, this certification will help grow the Stellar ecosystem in regions where financial services require compliance with Islamic financing principles. For example, Islamic financial institutions in the Gulf Collaboration Council (i.e. Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, UAE) and parts of Southeast Asia (e.g. Indonesia and Malaysia) will now be able to integrate Stellar technology in their Sharia-compliant product and service offerings.”
Additionally, Stellar is also said to be working on a stablecoin project with IBM and Stronghold. The Stronghold USD will be a U.S Dollar pegged digital currency that will be working on the Stellar blockchain network.