Stellar project to enable fiat-digital currency conversion transfers

Tuesday 12 August 2014 14:21 CET | News

Stellar, the decentralised protocol for sending and receiving money in any pair of currencies, has been officially launched.

The digital currency project founded by industry entrepreneur Jed McCaleb is aimed at being a decentralized gateway for digital currency to fiat currency and vice versa transfers, reports, citing the news agency The Wall Street Journal.

Stellar will act as a public transaction authenticator and feature its own in-house digital currency called ‘stellar’, the same source indicates.

The stellar currency will be distributed to users for free. Supply is capped at 100 billion units and around 95% of this amount being given away.

McCaleb is the original founder of defunct Japanese bitcoin exchange Mt. Gox and a co-founder of digital currency-focused payment network Ripple Labs.

Former Square Chief Operating Officer Keith Rabois, Stripe CEO Patrick Collison, Dogecoin co-founder Jackson Palmer and AngelList co-founder Naval Ravikant are among the project’s board members.

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Keywords: Stellar, Bitcoin, digital currency, online platform, decentralised, fiat currency, transfers, conversion
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce