Wirex Launches 26 Stablecoins On Stellar Blockchain
In the latest cryptocurrency news, the payments platform called Wirex is making a huge move in the digital currency space. Apparently, it is going to launch a deluge of stablecoins directly on the Stellar blockchain network. Here is everything about it in a nutshell.
Launching Stablecoins On Stellar
According to the official report, the aforementioned platform will be launching at least 26 stablecoins on the said network. The U.K.-based company made the announcement recently, suggesting that all of these stablecoins would have the support of fiat currencies. These include the likes of the British pound, euro, Singapore dollar, Hong Kong dollar, and the U.S. dollar. It is unclear whether the firm would soon introduce a new set of fiat currencies, although it is a very likely scenario in the near future.
Wirex, a company legally licensed by the U.K.’s very own finance watchdog called the Financial Conduct Authority (FCA), has managed to add these stabelcoins. It further said that these digital currencies can be utilized using its very own multi-currency Visa card. The latter, in particular, is the type of card that gives users the ability to either convert or spend cryptos wherever Visa is deemed to be accepted. As of press time, the card is said to be able to support at least eight digital currencies and around 10 fiat currencies.
Why Stellar Network Was Chosen
Apart from the aforementioned, Wirex confirmed that these stablecoins can also be converted “instantly” to other stablecoins, a process that can be done at over-the-counter (OTC) rates. In addition, these new cryptocurrency offerings could present valuable uses in terms of redemption, token issuance, and remittances, as well as those considered to be merchant settlements.
There is a huge reason why the company chose the Stellar network. It turns out that the said network is more than capable of providing better security, not to mention its set of scalability features. Even more so, the network offers lower costs when it comes to real-time transactions. It is worth noting that the company added Stellar’s own native token called lumens (XLM) to its platform.
Aside from Wirex, the tech giant IBM is also a notable user of the Stellar network. In this case, the network is being used for the company’s payment network called World Wire. In fact, the company has managed to sign deals with about six banks last month in an attempt to issue stablecoins on the platform.