Announcing CryptoSlate Research — gain an analytical edge with in-depth crypto insight. Learn more.

Wirex lists XLM in Stellar partnership, launching local-fiat based stablecoins

Wirex lists XLM in Stellar partnership, launching local-fiat based stablecoins

Crypto exchange Wirex listed Stellar Lumens (XLM), making it the ninth cryptocurrency to be integrated on the trading platform. In the Apr. 24th announcement, the exchange revealed the listing was part of a broader partnership with Stellar.

Big Plans for Stellar Partnership

According to Wirex, the partnership will enable the launch of 26 fiat-backed stablecoins on Stellar, expanding opportunities available to its retail and corporate customers.

Stablecoins, which achieved widespread popularity during the bear market of 2018 are now a fixture in the crypto trading scene. These stablecoins can retain the properties of cryptocurrency without the same volatility the characterize the crypto markets, making them excellent intermediaries for trading.

The new partnership hopes to take this acceptance to a new level and make stablecoins even more popular.

Pavel Matveev, co-founder of Wirex, says the reason stablecoins are not more popular is that most of them can only be exchanged for the USD, thus limiting its usage. Stablecoins, as they exist now, are not suitable for making trans-border exchanges and payments as they do not support a wide range of fiat currencies from other countries.

With this new partnership, Wirex will offer different fiat-based stablecoins including GBP, USD, SGD, HKD and EUR. This will make international transactions with stablecoins faster and more convenient.

Long Term Goals

Wirex revealed that it chose the Stellar blockchain because of its high level of existing compliance, enabling Wirex to operate within regulatory parameters. Both companies also share similar goals of pushing crypto adoption into mainstream society.

An excerpt from Wednesday’s announcement reads:

“The 26 stablecoins represent the first fiat-pegged cryptocurrencies that can be used seamlessly in day-to-day life – online, at ATMs and in shops, restaurants and supermarkets – thanks to the Wirex Visa card. They are also the first stablecoins that can be instantly converted into digital or traditional currencies at OTC and interbank rates, making them even more suitable for moving money around the world.”

Assuming all goes according to plan, this could well be the start of an interesting new period in the evolution of crypto from a speculative asset class to a worldwide means of payment.

Filed Under: Partnerships, Stablecoins, Stellar
Priyeshu Garg

Priyeshu is a software engineer who is passionate about machine learning and blockchain technology. He holds an engineering degree in Computer Science Engineering and is a passionate economist. He built his first digital marketing startup when he was a teenager, and worked with multiple Fortune 500 companies along with smaller firms. When he is not solving the transportation problems at his company, he can be found writing about the blockchain or roller skating with his friends.

View author profile

Commitment to Transparency: The author of this article is invested and/or has an interest in one or more assets discussed in this post. CryptoSlate does not endorse any project or asset that may be mentioned or linked to in this article. Please take that into consideration when evaluating the content within this article.

Disclaimer: Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.