Stellar has announced that it will be allowing rapid euro, dollar and pound sterling conversion from Stellar Lumens (XLM) using White Standard (WSD) coins, a fiat-paired cryptocurrency built on the Stellar Network. The WSD conversions will take place on Fintech Ltd’s decentralized exchange, the first such exchange on the Stellar platform.
Speaking on the partnership, Elizabeth White, CEO of White Company (White Standard’s creator), said:
“Our goal is to unleash crypto’s real world potential, and this partnership with Interstellar is the first of many steps in not just bringing the White Standard stable coins to the masses, while increasing the ease for consumers to purchase Stellar lumens (XLM) with USD, GPB and the Euro.”
The White Company
Stellar’s new partner has an unusual background in that they are primarily a platform for luxury purchases using cryptocurrencies. Its interest in stable Stellar transaction stems from the need to provide a reliable payment method for large purchases.
As per its site:
“The White Company was originally started in 2017 by Elizabeth White and a core team of specialists in luxury goods and financial technology. The initial business focus was to provide the opportunity for clients holding cryptocurrency wealth to purchase luxury goods without giving up their desire for privacy. Combining our experience, knowledge, and connections, the team at The White Company brings together the world of fine art, jewelry, luxury automobiles and more to their client’s fingertips. As the business grew, it became evident to the team that there was a tremendous need for asset management and payment facilitation in cryptocurrency. The need was not being fulfilled by the industry and the White Company was determined to create a solution.”
The White Standard is the only stablecoin built on the Stellar network at this current time.
The Other Partners
Stellar is one of the most successful crypto platforms to date, with Lumens solidly in the top 10 market cap of coins. The Stellar Foundation boasts a lot of high-profile names in tech as advisors and investors, including Patrick Collison, Keith Rabois, Matt Mullenweg, Dan Kaminsky, Sam Altman and Naval Ravikant. Its protocol targets processing times of 2–5 seconds.
Fintech Ltd for its part is a service provider creating the underlying technical solutions for blockchain platforms. It launched the Interstellar Wallet at the end of 2017, which allows for transactions in five cryptocurrencies.