Connect with us

Altcoins

Stellar [XLM] was “sort of a natural fit”, says CTO of Tempo Money Transfer

Ajay Narayan

Published

on

Stellar [XLM] was "sort of a natural fit", says CTO of Tempo Money Transfer
Source: Unsplash

Anthony Barker, Chief Technology Officer [CTO] of a Paris based international money transfer firm Tempo, spoke about the advantages of the Stellar network for cross-border payments in an interview with Finance Magnets.

Tempo Money Transfer is a European Union licensed, electronic payment service provider. Tempo had partnered with Stellar Development Foundation in order to reduce costs, increase its speed and reliability. Tempo is currently the main EU anchor which connects with Stellar.

Anthony was asked a series of questions which included Tempo’s integration of blockchain into its services and the shifting relationship between fiat and cryptocurrency. He replied:

“[Tempo’s] original focus was remittance and international payments, and it’s since sort of switched to small value payments, the stuff that banks don’t handle well.”

Anthony stated that the banks were responsible for about 55% of International Foreign exchange transactions whereas the licensed Non-Banking Financial Companies [Western Union] were responsible for about 33%. All these financial institutions used the SWIFT settlement system. Anthony highlighted the problem of using this system, as it was really expensive and a very slow process. Their migration into the blockchain was mainly because banks don’t do well with payment transfers under $10,000. He stated:

“It’s really expensive, it’s a nightmare [with correspondent banks]; money gets locked up and there’s no idea where it is or where it’s been blocked.”

He also spoke about their decision to choose Stellar over Ripple. Tempo felt that Stellar was “sort of a natural fit” and its non-profit and open-source status were one of the main reasons for choosing it.



Anthony believed that Ripple was not a good fit for community building and open systems, unlike Stellar which had development challenges through which the best software developers who make open-source projects would get a lot of Lumens. He also spoke about the future where customers would not even realize that a blockchain would be handling their payments.

Anthony did not think that cryptocurrencies would be replaced by fiat but he believes that cryptocurrency will play an important role in the future of the global financial sphere. He stated:

“If you live in a country with inflation, or in a country [where the government] wants to steal your money, it’s sort of like a Swiss bank account for every person”





Subscribe to AMBCrypto’s Newsletter




Follow us on Telegram | Twitter | Facebook



Ajay Narayan is a full-time journalist at AMBCrypto. He has majored in Economics, Political Science and Sociology. His interests are inclined towards writing and investing in cryptocurrencies.

News

Small victory for iFinex, Monero responds to Reuters report and more

Jibin M George

Published

on

Crypto News – 23 May

Another banks drops crypto-project: After Dutch multinational bank, ABN AMRO, Rabobank announced that it is dropping plans to launch its own crypto-project

Read more at https://bit.ly/2HN7l1P

SCB Thailand on XRP adoption: Thailand’s Siam Commercial Bank asked users to remain patient and wait for an announcement about integrating and adopting XRP for transfers

Read more at  https://bit.ly/2YK3Lws

Mark Yusko on Bitcoin: Morgan Creek Capital’s Chief Investment Officer is in the news after he claimed that owning Bitcoin was a great way to diversify one’s portfolio

Read more at https://bit.ly/2Eukv2O

Binance Coin on adoption spree: BNB can now be traded on Tesla using two wallets

Read more at https://bit.ly/2YJn5cY

Binance Research on Facebook: New research by Binance claimed that the entry of Facebook in the cryptocurrency market will define market’s future growth drivers

Read more at https://bit.ly/2VKx8N1



Binance’s IEO performance: Binance led the IEO performance charts as new data revealed that the exchange’s Launchpad token sales outpaced competing platforms

Read more at https://bit.ly/2JX9gUg





Subscribe to AMBCrypto’s Newsletter


Continue Reading

Trending