Stellar-Lumens, the open source protocol that operates the cryptocurrency XLM, has been selected by Tempo in as a new global payment platform, aimed to be the largest crypto-fiat exchange service.
Stellar desires to outcompete Ripple (XRP), a more than viable possibility in the context of Ripple’s current legal issues, and offer high quality, financial, crypto-based solutions word-wide.
By using Stellar, Tempo seeks to transcend into being the world’s largest crypto payment network, offering a simple conversion process from crypto to fiat. In order to materialize their ambitions, Tempo will use the Stellar Decentralized Exchange (DEX) for liquidity purposes. The main goal is to facilitate conversions for both commercial and personal use in a friendly-to-use manner that is accessible for everyone.
There are several conveniences for potential Tempo customers. The service allows instantaneous conversions from crypto to fiat, but the addition of a debit card is what sets it apart. You are able to use cryptocurrencies for common activities such as paying or goods and services without the need of a third party bank account. Blockchain payments are available online and offline for more than 100 countries.
In a world continuously in change and with new completion appearing almost Tempo strives to remain attractive and relevant. While new payment processors rush towards the cryptocurrency fever, few are competitive enough to make a dent. In order to further stand-out from the crowd, Tempo is working on a mobile-banking style application that will be able to work both offline and online. This will allow users to circumvent the classic necessity of crypto-ATM or other exchange services.
Stellar’s organization website states that:
Tempo facilitates remittances from Europe to the world, a $150 billion market. Using the Stellar network, Tempo can power 600,000 transactions for .01 USD in fees. With a network of 190,000 locations in 120 countries, Tempo and their cross-border payments enable customers to pay remotely for services such as water, phone, electricity, and health insurance. Tempo’s mission is to make transfer rates more affordable and bolster transparency in the remittance arena. With Stellar, they’re one step closer.
If Tempo can deliver, Ripple has serious competition on the horizon.
Ian Kennedy is the newest contributor to Crypto Daily Gazette. He enjoys running, practicing minimalism and cooking. Ian is a graduate of Wesleyan University in Connecticut where he studied journalism, Arabic and international affairs. Ian mostly covers stories concerning emerging blockchain technology.