- Advertisement -

Stellar Lumens (XLM) – a first row competitor against the San-Francisco based blockchain start-up Ripple and its financial solutions for cross-border transactions, has teamed up with TransferTo.

Stellar XLM

TransferTo is an international money transfer firm with strong deliverance in more than 70 countries. The partnership was made public through a statement released by TransferTo, which event is a clear attempt of brightening up the processes on how money is moved around the globe.

The deal, the statement maintained, is to give fintechs and partners who are under Stellar and TransferTo the benefit that the new collaborations will birth. Stellar and TransferTo are joining forces to make a trustworthy and seamless avenue where remittance would be made easily.

The new technology to be provided by the two partners will be used in cross-border remittance by those who are affiliated to either of the two firms, bringing Stellar to over 70 countries where TransferTo have loyal customers.

“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.” – Aik-Boon Tan, chief Costumer officer at TransferTo.

Accordingly, Director of Partnerships at Stellar.org – Lisa Nestor, added:

“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.”

Stellar is becoming a leader in the remittance world. The platform received a Shariah compliance certificate from the Shariah Review Board (SRB), a leading international Shariah advisory agency licensed by the Central Bank of Bahrain.

- Advertisement -

On the other hand, Stellar Lumens token XLM listing is going pretty well. The 3rd largest exchange in the crypto-verse Huobi announced it will be a trading option. On top of that, Coinbase announcing that it will explore XLM and other coins as options to be added, XRP did not take it that well.