Stellar invests in a cryptocurrency portfolio to launch new products related to XLM … Details here
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Answer Stellar invests in a cryptocurrency portfolio to launch new products related to XLM … Details here
Yesterday, Wednesday, the Stellar Foundation announced an investment of $5 million in Abra, a Silicon Valley-based cryptocurrency custodian service.
As part of the new deal, Abra will integrate Stellar blockchain technology into its payment and investment products.
in statement Jointly, the two companies said the investment will help facilitate this integration, which will see the Stellar blockchain be used as a backend in the Abra portfolio and a range of new products are introduced to the Stellar network.
Today, we announced our second investment in the Foundation’s fund in Tweet embed A move that will facilitate the integration of Abra into Stellar and the introduction of its expanding financial products and services to the network.
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– Excellent (StellarOrg) May 6, 2020
Abra CEO Bill Barheadt told that XLM is already hosted in the Abra wallet.
He added that XLM is very popular in terms of practical applications.
However, Bell did not give many details, and said that announcements regarding future products will be released soon.
But based on the initial announcement, it appears that the partnership will give Abra users new products and services outside the framework of the traditional financial system through the stellar blockchain.
From now on, Abra users can fund their wallets with bank transfers in the US, international credit card payments, and even cash back in the Philippines.
In theory, if users had more ways to buy XLM tokens, they could then trade these tokens for over 100 other coins through the Abra wallet.
The partnership can also assist both parties’ efforts in international remittances.
Currently, Abra users can send crypto across the world in minutes to other wallet users and addresses.
At the same time, Stellar will gain a share in the international remittance market and continue to compete with Ripple.
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Earlier this year, Stellar expanded into Southeast Asia through its own Lightnet network, teaming up with remittance giant MoneyGram, the company in which Ripple is investing heavily.
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