Tempo Money Transfer is a very well established international remittances company that is launching a new service consisting of crypto-to-fiat operations. It would allow for people to walk into one of their desks and buy a crypto of their choice paying cash. They recently announced that they will adopt Stellar Lumens’ XLM crypto coin as the mediating currency for all its global transfers.
Then, a few days ago the influential Coinbase exchange announced it’s doing the due diligence needed to decide if they will list XLM in their site.
Both announcements made XLM’s price surge at a time in which the coin has been going down for months. Analysts are talking about gains that are in the two digits.
XLM’s price behavior
Yesterday Stellar (XLM) went up by more than a tenth, reaching $0.206. And from yesterday to today it went up to $0.30583 which is an increase of almost another 8%. That’s around 21% in only two days.
The increase in trading volume has been even more impressive, rising by a spectacular 74% from last Friday to Saturday. Binance is the central player as something like 40% of all that trade happens in that exchange.
At current values, Stellar’s capitalization is at almost six billion dollars (5.7 to be specific), which makes it the seventh largest cryptocurrency in the world.
Will Coinbase list it?
It was reported a couple of days ago that Coinbase is considering to include five new cryptocurrencies for trade. XLM is one of the assets under consideration along with Cardano’s ADA, Zcash, Basic Attention Token, and 0x. But after the Bitcoin Cash incredible fiasco, it seems Coinbase is learning to play it safe as they accompanied that announcement with a clarification.
The coins are for consideration but there is no decision yet, and there are no guarantees that they will be included. On top of that, if they are listed, they could be available only for a few geographic zones, at least at the beginning.
Please note that we are not guaranteeing the listing of any of these assets. We may list them with partial support, or only in specific jurisdictions. In particular, some assets may become available in other countries before the US.
— Coinbase (@coinbase) July 13, 2018
Coinbase is a US-based virtual currency exchange with emphasis on usability. As such it only carries a handful of crypto-coins (Ethereum, Bitcoin, Litecoin, Ethereum Classic, and bitcoin cash) but it’s the US’ largest with a user base of more than thirteen million users. This vast number of clients makes it one of the world’s most influential, and the reluctance they’ve shown to offer a broader coin spectrum to their clients make it one of the most desired exchanges for cryptocurrencies.
The Tempo goes for Stellar
Tempo is already global. A lot of its business is in money remittances from Western Europe to South America, but they are basically everywhere. You can think of them as the European Western Union.
Some time ago they announced their intention to incorporate digital assets into their services and yesterday they let the world know that all their crypto-fiat business will use Stellar’s XLM as the primary currency to mediate transactions. Since Tempo can transact on the Stellar (XLM) network more than half a million times for the cost of a single US cent, this will lower transfer fees for end users in a spectacular way.
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…. https://t.co/Xh5STxkBMw
— Stellar Lumens (@StellarLumens) July 12, 2018
Stellar called this partnership “largest payment network of any crypto exchange globally…”
Because of the strong position Tempo holds in Europe, this partnership could turn Stellar into the primary tool for Euro-USD transfers. This is no mean feat, and it could prove to be Ripple’s worst nightmare.
“The existing Tempo remittance network allows Tempo to offer a quick cash-out process in multiple countries” explained Tempo’s president, Mr. Jeff Phaneuf “We are now expanding to offer the easiest, fastest and most secure bridge between cash and crypto.”
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
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