A recent announced partnership is soon making Stellar Lumens (XLM) to fiat withdrawals a reality. The White Company and Fintech Ltd are partnering with an aim of introducing USD, GBP and the Euro withdrawals and deposits via White Standard stable coins. A stellar built exchange, Fintech’s Interstellar Decentralized Exchange (DEX) and wallet has been chosen as the initial platform to offer the much-needed service.
The White Standard (WSD) Stable Coin
It boasts of being the first and at the moment, the only USD stable coin that has been developed on Stellar blockchain. WSD is backed by deposits in addition to having third party audits every month. The coins have been tested and are able to support not only instant but also efficient transactions as well as stress-free integration into the Stellar DEX and the decentralized ecosystem.
Furthermore, the White Company has built another platform referred to as White Wallet. This platform gives users the ability to buy, sell, send and receive WSD stable coins using fiat currencies and other digital assets. The White Company is not relenting when it comes to innovation and introducing new services, besides at the moment, it is releasing into the market a GBP-backed (WSP) and Euro-backed (WSE) stable coins. These coins are going to be made available for buying and redemption on interstellar. The Chief Executive of White Company, Elizabeth White said in regards to the partnership:
“Our goal is to unleash crypto’s real world potential, and this partnership with Interstellar is the first of many steps in not just bringing the White Standard stable coins to the masses, while increasing the ease for consumers to purchase Stellar lumens (XLM) with USD, GPB and the Euro.”
Fintech Ltd, on the other hand unleashed Interstellar in the fourth quarter of 2017. It was released in the market as a platform where users can store multiple coins and a DEX platform. At the moment users of interstellar are able to deposit, withdraw and also trade Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC) and Stellar Lumens (XLM).
The partnership with the White Company is strategic in a way that it is allowing Interstellar to increase mass adoption of its services. WSD also increases the use cases of Interstellar on top of the existing NGNT stable coin (a coin pegged to the Nigerian Naira). The market is in need of a USD anchor and the DEX exchange is now better suited to enable direct purchase and redemption using USD. Most traders in the industry are not able to buy and redeem crypto using fiat currencies directly due to lack of such services. However, this is a plus not only to the two companies but also the entire cryptocurrency industry.
“Users will deposit USD, GBP or Euro via The White Company and receive WSD, WSP or WSE at a 1:1 ratio, with no fees. They will then be able to trade all three stablecoins for Stellar’s native XLM currency, as well as a multitude of other cryptocurrencies and tokens such as BTC and ETH,” a section of the announcement reads.
Stellar (XLM) is currently trading at $0.224. It is slightly bullish, besides it is up 3.40% in the last 24 hours. Stellar has been performing very well in the last couple of weeks despite the selloff that has been mutilating the crypto market. At some point it surpassed EOS to become the 5th crypto by market capitalization but it retracted back to the 6th position. Stellar’s market cap is $4.2 billion with a trading volume of $52 million.