Connect with us


Stellar Lumens [XLM] announces ‘Tempo’, the largest payment network for Crypto-Fiat trading

Simran Alphonso



Stellar Lumens announces 'Tempo', the largest payment network for Crypto-Fiat trading
Source: Pixabay

Stellar Lumens is known for its modesty. Low but loud, the coin has launched and built several projects on its network. On 12th July, Stellar Lumens announced that the cryptocurrency payment network ‘Tempo’ is creating the biggest payment network of any authorized cryptocurrency exchange internationally.

@StellarLumens tweeted:

“Tempo, the crypto payment network simplifying the exchange process from crypto to fiat, is creating the largest payment network of any licensed crypto exchange globally….”

Stellar Decentralised Exchange also known as Stellar DEX, is used by Tempo. The payment network operated on Stellar DEX is backed by Stellar’s Network.

Using Stellar network one can build mobile wallets, banking tools, smart devices, and more technical payment techniques. Despite Stellar being a complex distributed system, its integration is not recorded to be complicated.

Tempo simplifies the exchange process from cryptocurrency to fiat and is currently creating the largest payment network in the world. Tempo brings ease to cryptocurrency trading by facilitating the process on its online platform and mobile application.

Due to Tempo’s portable application and overall installment network, fiat proprietors can evade Bitcoin ATMs and their extensive fee.

Tempo uses the Stellar Network, an open-source distributed ledger for facilitating P2P payments, and, a for-profit spinoff dedicated to helping big players integrate software.

Stellar DEX stores the order book and settles transactions on-ledger, and has matchmaking built into the protocol. The network and exchange can be used for various projects related to their technology and cryptocurrencies.

As per the discussion on Reddit regarding Tempo and Stellar DEX, a few Redditors had some points to convey.

WachtmeesterB, a Redditor commented:

“When you want to make a transfer in a corridor Euro – XLM – USD, Tempo is the European Euro-anchor, making the swap from Euro to XLM possible in the Stellar transaction. The liquidity needed in XLM is XLM’s utility and is directly related to it’s price. When we HODL in anchor exchanges we provide part of this liquidity and make the machine run. If we HODL in offline wallets, XLM becomes scarcer, price may go up and the machine may slow down. A matter of finding a balance.”

cryptonewsguy, another Redditor said:

“It’s funny that small time projects built on Stellar might be beating Ripple to it’s main use case on top of the other cool Dapps being built on Stellar.”