Today, StellarX launches! StellarX is the Stellar network-based zero-fee decentralized cryptocurrency exchange. The company behind the platform, Interstellar, announced the upcoming launch via a Medium blog post on September 28th. XLM has yet to be positively affected by the news.
Previously, StellarX was open only to a number of individuals who signed up for its Beta testing, but it seems the team at Interstellar feels confident in their product thus far—confident enough to launch publically!
What makes the platform stand out from the rest is that it’s a totally free trading platform. A few “free” exchanges that have popped up as of late, but in actuality have been shown to have deceiving charges—making it not so “free” after all. For example, Robinhood was shown to profit from its customers’ idle funds.
I’m sure you’re all wondering, “Well, what’s the catch with StellarX?” I thought the same thing, but Stellar claims it isn’t here for a cut, and they hope to “redefine how assets move around the world.”
Christian, an employee of Interstellar and the writer of the blog post, explained:
“We take no fees and, even above that, we refund all network costs, something no other decentralized exchange can match. All the while, you have sole control over your assets, so whenever there’s interest, it’s yours. We’ve even written our own fee out of our agreements with deposit partners, who, we’ve found, often put in a percentage by default.”
How do they do this? It’s all in the way they designed their platform. By using Stellar and its consensus mechanism, StellarX requires neither ‘work’ nor ‘stake’ and they don’t need your capital to function.
StellarX Launches: Assets Galore
StellarX has started by implementing the top cryptocurrencies onto its platform first but claims it plans one diving into a number of the top assets displayed on CoinMarketCap soon.
At its launch, StellarX also has a real fiat onramp, which is a first for a decentralized platform. All you need is a US bank account, and you can deposit USD directly into the app, via ACH.
The group at Interstellar will be adding a number of things to its app in the near future. You can take a look at those things here.
XLM Price Movement
According to CoinMarketCap, XLM is currently trading at $0.239 a coin, down -5.05% in 24 hours. For the week, XLM is down -4.4%.
Featured Image: Depositphotos/© klss777
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