Foundation

Read

Stellar

Stellar launched the Stellar Disbursement Platform (SDP) — an open-source global payment service. 
In its Aug. 16 announcement, Stellar explained that SDP can help with tasks ranging “from paying gig workers anywhere in the world to delivering digital aid’.” The tweet promises that the tool allows anyone to pay with cryptocurrency globally and that the solution is specialized in bulk disbursement. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
 <div class="wp-block-embed__wrapper"> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 1/ Today, we’re excited to share the open-source release of the Stellar Disbursement Platform. From paying gig workers anywhere in the world to delivering digital aid, anyone can power global payments using digital assets with this publicly available, bulk disbursements tool.— Stellar (@StellarOrg) <a href="https://twitter.com/StellarOrg/status/1691829548143497317?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">August 16, 2023</a> 
 </blockquote> 
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div> 
</figure> 
Stellar explains that SDP aims to enable faster, cheaper, and more transparent digital payment. The move follows its testing in December to provide aid disbursement in Ukraine. 
Now the tool has been released as open-source software and reportedly allows quickly sending funds to thousands of recipients in seconds and monitoring fund delivery in real-time. 
 You might also like: <a href="https://crypto.news/stellar-protocol-reveals-176-increase-in-payments-processed/" rel="noopener noreferrer nofollow"> Stellar protocol reveals 176% increase in payments processed </a> 
SDP also allows sending recurring payments such as power suppliers, contractors, or payroll. Lastly, Stellar claims that its network of fiat on-ramp and off-ramp partners means converting digital currency into cash is possible in over 180 countries. 
The announcement follows Aug. 15’s <a href="https://crypto.news/stellar-buys-a-minority-stake-in-moneygram/" rel="noopener noreferrer nofollow">report</a> that the Stellar Development Foundation (SDF)&nbsp;— the organization behind the Lumens (XLM) blockchain —&nbsp;is acquiring a minority stake in major remittances platform MoneyGram. While the financial specifics were not disclosed, the announcement clearly stated that SDF would have its seat on MoneyGram’s board of directors. 
While the launch of SDP could initially appear to put Stellar in a competitive conflict of interest with MoneyGram, it may continue the two company’s lengthy collaboration. 
The firms have been collaborating for a long time, so it may very well be that MoneyGram plays a role in the <a href="https://stellar.org/products-and-tools/disbursements#how-it-works" target="_blank" rel="noopener noreferrer nofollow">over 300,000</a> off-ramp points promised on SDP’s website. Still, no information is publicly available on whether MoneyGram plays any role in SDP’s infrastructure. 
 Read more: <a href="https://crypto.news/stellar-buys-a-minority-stake-in-moneygram/" rel="noopener noreferrer nofollow"> Stellar buys a minority stake in MoneyGram </a>

Stellar unveils open-source global payment service

crypto.news

Other articles published on Aug 17, 2023

Hedera Network Integrates ChatGPT Plugin: Unleashing New Possibilities for Users

Tether CTO Paolo Ardoino says Bitcoin mining needs better analytical tools

Surging Cryptocurrency Market Today: Factors Driving the Upward Trend Explored

How To Win At Slots – Tricks To Winning On Slot Machines

The Wiki Finance Expo Singapore 2023 coming soon! Web 3.0, Crypto, NFT will be in focus.

Bitcoin’s Profitable Holders Raise Concerns Amid Low Volatility

Join our free newsletter for daily crypto updates!