Stellar-based P2P Trading Platform Finally Launched - Stellar (XLM) News. Sunday, September 30
Stellar-based P2P trading platform finally launched
It aims to be the world’s first zero-fee decentralized exchange with fiat on-ramp
A new cryptocurrency trading platform built on the Stellar (XLM) blockchain has officially launched. StellarX – the name given to the trading app – is a client developed on the aforementioned blockchain’s universal marketplace eyeing to become an industry-first that offers fiat deposits without fees.
Firstly announced on July 5 this year, the news of its official release was made public via a Medium post by Co-creator of StellarX, Christian Rudder. “This week, we’re happy to say that StellarX is fully open,” he said. According to the post, the platform is completely free. They even refund all networks costs, which in his words, “no other decentralized exchange can match”.
The platform can afford this feature by being based on the Stellar network, whose consensus mechanism is neither Proof of Work (PoW) nor Proof of Stake (PoS). This means that they have no need of using network users’ capital to validate transactions.
Another feature Rudder highlights is the inclusion of a real fiat onramp that will allow users to trade ‘anything’ in a seamless way. “A first for a decentralized platform”, as Rudder denotes, this characteristics relies on ACH transactions executed from a U.S. bank account linked to StellarX. Euros, Philippine Pesos, Nigerian Naira, Chinese Yuan, Hong Kong Dollar, and British Pound, are all only displayed on the platform, but support for deposits on these currencies will be added in the future.
Flexible, transparent and functional
Rudder continues by stating that StellarX will be completely transparent for both traders and issuers, and KYC policies are going to be completely optional – if the issuer so desires, he can require an identity confirmation from the trader before the latter can have access to their tokens for trading.
“We allow issuers — if they so require — to impose KYC requirements before a person can trade their token. And we give holders human-readable information about what they own, so they can make decisions for themselves,” he explains.
Rudder also comments that in the future, he expects to see all kind of trading being carried out in StellarX – from bonds, to stocks, real estate, commodities and so on. In regards to cryptocurrencies, right now users can trade with BTC, ETH and other major cryptocurrencies, with more digital assets to be added gradually.
Another features to be added soon are a mobile version of the site, multi-sig support, non-XLM markets support, a market maker rewards program, fungible path-payment support, among many other characteristics. No estimated time for inclusion of these updates have been revealed, yet.
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