A new partnership between Shift Markets and Lightyear will support the integration of Stellar technology and eventually global adoption of the cryptocurrency, XLM according to a press release.
Shift Markets is a platform that makes it easy for start-ups to set up Fx and crypto exchanges and already has a client base of over 60 cryptocurrency exchanges around the globe. It is expected that Shift market will now help to push Stellar’s XLM to their member exchanges, thereby allowing more users to trade it.
XLM For Fiat Now Possible
The new deal will finally remove the largest obstacle that users have had to battle with while using the XLM. Before buying XLM, users have to purchase either BTC or ETH and then convert to XLM on approved exchanges.
According to the press release, “this extra step typically prevents many new or inexperienced users from owning XLM and removing it will allow for the broader adoption of lumens and wider participation in the Stellar network.”
Partnering with Shift Markets will “provide a single point of entry” for users in many regions to access XLM because the token can now be directly traded against multiple fiat currencies.
Ian McAfee, SHIFT’s CEO and Founder, expressed delight at the new deal and looked forward to what it promises for both parties.
He said, “this is an exciting partnership for us as many of our exchange clients would like to offer Lumens trading on their exchange. Their commitment to providing low-cost financial technologies in developing nations makes them a good fit for our market. We aim to increase Lumen liquidity and usage for both major and exotic fiats.”
Mainstream XLM adoption draws closer
Additionally, Paul Arnautoff, Director of Sales and Partnerships at Lightyear.io mentioned that “Stellar users will now have access to a growing network of liquidity providers in new and emerging markets.”
Following the announcement, Stellar’s (XLM) market value could record a rise despite the current red markets with the developers now a step closer to its goal of financial inclusion and reducing friction in cross-border payments.”