Stellar Aims to Overtake Ripple As it Aims to Improve Cross-Border Payments with Keybase Partnership

Stellar Aims to Overtake Ripple As it Aims to Improve Cross-Border Payments with Keybase Partnership

Open-source, distributed payments infrastructure Stellar (XLM) is aiming to surpass Ripple (XRP) as it teams up with Keybase to improve cross-border transactions.

Aimed at connecting people to low-cost financial services to fight poverty and develop individual potential, according to its website, Stellar has revealed that it is working with Keybase, a free security app for mobile phones and computers, to boost cross-border transactions. This is something that Ripple offers through its RippleNet blockchain platform that has over 100 member banks and financial institutions.

According to the announcement, the partnership between Stellar and Keybase means that investors and asset holders can conduct cross-border payments without needing to know a long string of digits as a key. Instead, all that’s required is a ‘human-readable username.’

Stellar said:

“In short, I can interact with her financially in the same way I interact with her socially.”

The team are hoping that the end product would be like a ‘global, decentralised Venmo,’ – a mobile payment service that allows users to send money to each other via a mobile phone app or web interface – where every crypto asset can be sent, not just a person’s local currency.

Created by co-founder Jed McCaleb, the original owner behind the now-defunct Mt Gox exchange, and the founder of real-time settlement system Ripple, there are many similarities between the two altcoins, given the fact that they have been created to function with financial establishments.

However, unlike Ripple, which is a for-profit enterprise, Stellar functions as a nonprofit organisation. Not only that, but while Ripple is considered to operate in a centralised fashion Stellar has taken a more decentralised approach.

Yet, while Ripple’s market cap value is nearly five times bigger than Stellar’s, putting it into third place, that doesn’t appear to be stopping seventh-placed Stellar from making up ground first as it works at improving services. The hope, though, is that with the addition of Keybase working with Stellar investors will look to the company in order to provide better services for their customers. This, in turn, could potentially bump the XLM token price up.

Of course, only time will tell whether or not Stellar will be able to eventually overtake Ripple and become the cross-border payment platform of choice. For now, it’s too early to say.

14.03.2018 / 10:40 87
Stellar XLM for Changing the Future of Transaction: Partnering Up with KeyBase Stellar XLM for Changing the Future of
The team behind the Stellar platform is drawing out plans to change the payment methods and modes that are used until now in the cryptocurrency
Consortium Of 61 Japanese Banks To Release Instant Mobile Payment App Powered By Ripple Consortium Of 61 Japanese Banks To
The 61-bank Japanese Bank Consortium has partnered with Ripple to release an instant domestic money transferring app this fall. The Japanese Bank
Japanese Banks to Harness Ripple DLT for Consumer Payments App Japanese Banks to Harness Ripple DLT
A group of Japanese banks is planning to use Ripple's blockchain-based payments technology in a forthcoming product aimed at general consumers.
Stellar: Is XLM Headed Towards $1? Stellar: Is XLM Headed Towards $1?
Stellar Lumens, the 8th largest cryptocurrency, currently has a market cap of $6,478,352,729 and a price of 35 – 45 cents.  However, just one year
South Korean Bank Trials Ripple for Overseas Remittances South Korean Bank Trials Ripple for
South Korea's Woori Bank has reportedly completed a cross-border remittance test using the distributed ledger technology (DLT) developed by San
Comments (0)
Add a comment
Comment on