![]() Supported by the Stellar Development Foundation, a nonprofit, the Stellar Lumens protocol also serves as a driver of the Foundation to provide greater access to financial services worldwide. The network was officially launched in July 2014, receiving $3 million in seed funding from Stripe. Gox, and co-founder of Ripple - and Joyce Kim founded Stellar after leaving Ripple back in 2013. Jed McCaleb - commonly known as the founder of Mt. It provides the perfect exchange rate between different currencies to ensure seamless global money transfer. XLM serves as the backbone of the whole network. Funds, both cryptocurrency and fiat currency, can be converted into Lumens and sent via Stellar’s blockchain. XLM is used to transfer money within the Stellar payment network. Although it was later changed, cryptocurrency exchanges still typically list it as Stellar. Originally, its name was the same as that of its parent blockchain - Stellar. Lumen (XLM) is the native currency of the Stellar payment network. It allows for cross-border transactions of both fiat currency and cryptocurrency, connecting banks, payment providers and people worldwide and across national borders with its payment platform and making money transfers more transparent. Stellar’s network serves to ensure almost instantaneous settlement of transactions with no intermediaries, lowering the overall cost. On average, it takes several days to transfer large amounts between financial institutions with remittance systems such as SWIFT, and these transactions typically involve several intermediaries, making their cost high. Stellar Lumens is an open blockchain aimed at facilitating large transactions between financial institutions and smaller entities alike. Rather, Stellar wants to equip organizations, financial institutions and people with a cheap, fast and decentralized payment method. Stellar has a similar approach to Ripple (XRP), although its focus is not exclusively on banking. Stellar, also known as Stellar Lumens, is an open-source protocol mainly used for cross-border payments. ![]()
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