The eagerly awaited StellarX crypto exchange launched on Friday, September 28th, leaving its beta phase behind. The company behind StellarX is called Interstellar, and the announcement for the decentralized crypto exchange was first made in July via a Medium post.
What are the benefits of the StellarX crypto exchange?
StellarX will allow users to directly deposit US dollars into a US bank account. It has a large variety of fiat currencies available for trade and deposit including the US Dollar, Euro, British Pound, Hong Kong Dollar, and others. It also lists all major cryptocurrencies such as ETH, BTC, LTC, BCH, etc. But the platform seems to offer much more than other crypto exchange operators –
“First of all, StellarX lets you live the inter-chain dream of swapping your Philippine Pesos for Litecoin for municipal bonds for lumens, and all of those trades settle in seconds.
We let you trade directly from your wallet, and you can deposit and redeem off-chain assets, like BTC or EUR. We also help you manage your secret keys, though of course we never have access to them or your assets.
Because we’re built on the open Stellar order book, *no one* — no exchange, no miners, no middleman of any kind — takes a cut of your transactions. In a world of a thousand DEXs, we’re one of the few true peer-to-peer, trader-to-trader platforms.”
There has been a lot of disappointment surrounding decentralized exchanges (DEXs). Decentralized exchanges and marketplaces are generally regarded as essential to the future of the crypto exchange industry and a healthy wider blockchain environment. But they are all falling short of the mark so far, and there is little choice available for those seeking alternatives to centralized exchanges (CEXs). If Interstellar has built a fully function decentralized zero-fee crypto exchange, then it will be a landmark for the industry and a huge success. Stellar plans to include stocks, bonds, real estate and commodities on its crypto exchange. Its free, fast, and compares itself to Robinhood, an increasingly popular “for the people” crypto exchange that offered a zero fee service earlier this year.
Who are Stellar?
Stellar is the sixth largest coin by market capitalization. It was created as a fork of Ripple (XRP) in 2014. Both Ripple and Stellar were created by Jed McCaleb, who also founded Mount Gox, moving on before its historic collapse. The two coins function as payment settlement networks. While the focus of Ripple is on facilitating payments between banks and companies as a larger real-time gross settlement system (RTGS), the aim of Stellar is to facilitate payments between individuals and small businesses. McCaleb is the current CTO of Interstellar.
Essentially, using tokens to settle payment on either of these networks is practically free and instantaneous, which is primarily where the value is derived. It is also more transparent than traditional banking systems, easier to use, and requires less red tape. The Stellar token is the Lumens (XLM).
Digital Nomad with an interest in Zen and Blockchain technology.
Law graduate with 3 years experience as a consultant in the capital markets industry and 4 years experience freelancing on UpWork as a Creative Writer.