The StellarX decentralized exchange, based on the Stellar (XLM) cryptocurrency, announced the public launch of its exchange platform and the reimbursement of commissions generated from transactions. In its blog, the startup explained that the open source platform seeks to position itself as a “real link with fiduciary currencies” for the purchase of cryptos or vice versa.
The aspect that stands out most at the start of StellarX is that the company will reimburse the commissions between the participants of the exchanges.
“Using StellarX costs nothing. We do not charge any fees and even reimburse all network costs, something that no other decentralized exchange can match. All the time you have exclusive control of your assets, so whenever there is interest, it is yours,” stated StellarX.
To achieve this, Christian Rudder, co-creator of StellarX, explained that the operations and orders are running on the native Stellar (XLM) cryptocurrency. Rudder also recalled that Stellar (XLM) consensus mechanism requires neither “work” nor “participation,” so it does not use user capital to operate. “Therefore, we don’t need its capital to work either,” the developer emphasized.
StellarX decentralized exchange, based on Stellar (XLM), offers many trading options
By targeting not only cryptocurrencies but also fiar money and any other assets of the traditional economy such as bonds, stocks or real estate, StellarX decentralized exchange, based on Stellar (XLM)), seeks to focus its business model to a broader area. That is how they plan to apply the correct protocol to digitize the respective fields.
Rudder placed particular emphasis on positioning StellarX as a bridge between cryptocurrencies and fiat money. That is why the platform, according to the company, allows users to charge their account with US Dollars from any bank account across the United States.
In this case, interested persons can deposit funds into the application via the Automated Clearing House (ACH). StellarX also trades crypto tokens for Euros, Philippine pesos, the Nigerian naira, the Chinese yuan, the Hong Kong Dollar, and GBP, besides the USD.
The announcement by the StellarX decentralized exchange follows the model of the Robinhood crypto trading application which allows its users to invest in different US stock markets. On that occasion, it was reported that the first batch of users would enjoy zero commissions on the purchase and sale of Bitcoin (BTC) and Ethereum (ETH).
Jackson Bey was born and raised in Lethbridge Alberta but moved east when he was 22. Apart from running his own consulting firm. Jackson spends his time canoeing the many lakes of Ontario. As a financial journalist Jackson has published stories for CBC Business Online, as well as Buzz Feed and Motherboard. As a contributor to Billionaire 365, Jackson mostly covers markets and trade.