Stellar Lumens [XLM] announces world’s largest cryptocurrency payment network ‘Tempo’

Stellar Lumens [XLM] announces world’s largest cryptocurrency payment network ‘Tempo’ 18275
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Roshni Vayyapuri
Jul 12, 2018 at 8:20 PM

Stellar Lumens announced that the cryptocurrency payment network ‘Tempo’ is creating the largest payment network of any licensed cryptocurrency exchange globally.

Tempo, the crypto payment network majorly aims to simplify the process of exchange from crypto to fiat. Tempo is operating on the Stellar DEX as the principal European anchor for Stellar. The payment network operated on Stellar DEX is backed by Stellar’s Network. Tempo enables crypto trading through the online platform and mobile application.

Tempo has 300 agent locations across the globe. Tempo provides crypto and fiat together that is available anywhere at any time.

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….”

See also: Panic selling post India’s central bank ban opens door for cryptocurrency arbitrage

An open source distributed ledger is used by Tempo for providing peer to peer payments, and Lightyear. In addition to exchanging their crypto for cash immediately, they also provide a debit card. It enables to purchase goods and services using cryptocurrencies. In 100 destination countries, Tempo provides blockchain payments both offline and online and crypto remittances.

Jeff Phaneuf, President of Temp said, “The existing Tempo remittance network allows Tempo to offer a quick cash-out process in multiple countries, We are now expanding to offer the easiest, fastest and most secure bridge between cash and crypto.”

Jed McCaleb, CTO, and Co-founder of Stellar Network 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”, 

In a discussion on Reddit regarding Tempo and Stellar DEX, 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.”

About Tempo

Tempo is making money transfer fair and convenient. Based in Paris and available globally, Tempo is always within reach – both offline and online – with over 300+ registered agents in Europe, and a payment network with over 100 000 payout locations that stretches across nearly 100 countries. Tempo has a European wide payment service license and is a member of the International Association of Money Transfer Networks.

Image via Shutterstock

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