A new decentralized cryptocurrency exchange platform from Interstellar has now been launched, free of any transaction or trading charges.
StellarX is open source and based on the native Stellar (XLM) cryptocurrency’s universal marketplace, the sixth largest crypto with a USD 4.8 billion market cap.
The platform differs from other exchanges as it allows users to load fiat currency directly into the local wallet, and offers a number of digital tokens for sale with state-issued currency including euros, Philippine pesos and Nigerian naira. ”A full suite of forex stablecoins” is anticipated for the exchange in the near future, as it hopes to become a usable cryptocurrency exchange for countries that currently do not have access to any others.
Interstellar say that it has plans to digitize alternative types of assets, including bonds and real estate – another aspect yet to be seen on any similar exchange. These new features are apparently in development now, with time and finding the right protocol to digitize them being the only hurdles.
Creators say that the marketplace they created is completely transparent as everything described as ”meaningful” happens on the blockchain for the world to access. Both traders and token issuers also benefit from transparency in a wider sense of the word.
Traders are promised that tokens will behave in an ”expected manner”, and rather than smart contracts that may unravel ownership, tokenization happens from a basic template at the protocol layer. Issuers are able to see who is trying to trade with them and can confirm their identity before any transaction takes place.
Developers recognize the necessary standards for legal compliance in the space, hence requiring all users identities to be verified, particularly as they expand their listings to offering assets such as bonds.
Bitcoin News recently spoke to Felix Moreno from Bisq, a fully decentralized trading platform that offers a similar service bar the know-your-customer (KYC) policies. How did Moreno say they get around these legal expectations? It would seem to be by avoiding the establishment of any company, therefore, giving no particular entity for the government to pursue.
“There is no way we could turn into a KYC financial surveillance company because there is no company, there is no one the SEC can send a subpoena to. There is no one in charge,” Moreno told Bitcoin News.
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