Tempo To Create Largest Crypto-To-Fiat Payment Network Using Stellar
Stellar Lumens (XLM) has announced that Europe-based payment network called Tempo will be using its platform to create the largest payment network of any globally licensed cryptocurrency exchange. Specifically, Tempo will use Stellar DEX, the Stellar decentralised Exchange platform backed up by Stellar’s Network.
Stellar network can not only support building banking tools, but also mobile wallets, smart devices, and other types of payment processing mechanisms. Still, the platform is relatively simply to use.
The Paris-based Tempo aims to simplify the process of cryptocurrency to fiat currency exchange. The mobile application and the strong network of Tempo will enable fiat proprietors to avoid using Bitcoin ATMs and accordingly their high fees.
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…. https://t.co/Xh5STxkBMw
— Stellar Lumens (@StellarLumens) July 12, 2018
According to the company’s website
“Tempo not only allows for fiat backers to exchange their crypto for cash immediately, but by offering a debit card, Tempo provides the ability to use cryptocurrencies to purchase goods and services. Tempo offers blockchain payments both offline and online, and crypto remittances to nearly 100 destination countries.”
Tempo will use Stellar Network to facilitate P2P payments. At the same time, Tempo platform will use Lightyear.io to enable big players merge the software.
Stellar DEX is designed to store the order book while transactions are settled on-ledger. The matchmaking is done by the system protocol. Both the network and the exchange platform can be used for different projects which may be connected to Stellar technology or cryptocurrencies in general.
CTO of Stellar Network, Jed McCaleb, said.
“Tempo’s early integration with Stellar and role as EU anchor is revolutionizing international payments, making global payments faster, more reliable and less costly for clients”
Converting crypto to fiat money is one of the major problems faced by cryptocurrency investors and Tempo is determined to resolve the issue with the use of Stellar network.