Stellar Lumens (XLM) Still Riding High with New Partnership with TransferTo

Coins and Tokens 2 min, 3 sec READ

by Tom Nyarunda

TransferTo and Stellar (XLM) announced a strategic partnership to enhance cross-border money transfers and settlements in over seventy countries.

International money transfer platform TransferTo will partner with Stellar Token (XLM) according to a July 24th announcement on the TransferTo site and Twitter page. Together, the companies aim to provide a more efficient and cost-effective way to transfer money across borders.

What Do TransferTO and Stellar Do?

TransferTo is an international mobile payment network that connects financial institutions with digital financial service providers while Stellar is a distributed and open source blockchain network that expedites cross-asset transfers between payment gateways and different financial institutions. Stellar uses a blockchain platform to facilitate cross-border payment settlement and execution capabilities. 

According to the official statement, the new partnership will provide Fintech clients of both TransferTo and Stellar the benefits of both companies' services in over 70 countries. The end goal is to create a seamless and trustworthy avenue for effortless international payments.

In a statement, Aik-Boon Tan of TransferTo described the partnership,

We always aim to be at the forefront of the payments industry, and by partnering with Stellar, our goal is to trial the blockchain technology and scale our cross-border payment service to better serve our partners and reduce costs.

Stellar’s director of Partnerships Lisa Nestor was similarly upbeat about the new venture.

We’re thrilled to be partnering with TransferTo to offer an expanded network for our current and future partners, as well as continue to drive greater financial inclusion for the under-banked.

More Positive News for Stellar

This merger is the clearest sign that Stellar is becoming a formidable competitor to Ripple, another blockchain-based cross-border payments solutions provider that links up several financial institutions globally.  

Stellar has received a lot of good news of late, which has caused Stellar Lumens (XLM) to rise at an alarming speed. Coinbase’s recent announcement it would add Stellar to its exchange saw the Stellar coin (XLM) rise by 22%. Around the same time, the Shariyah Review Bureau (SRB) added to the honeypot by awarding Stellar Foundation a Sharia Certification that allows the company to operate in partnership with Islamic financial institutions in Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, UAE and parts of Southeast Asia, such as Indonesia and Malaysia. The latter news gives Stellar access to a major untapped potential market in the Middle-East.