SHIFT Markets has announced a new partnership with Lightyear to support the integration of Stellar technology into the growing crypto market. SHIFT presently services upwards of sixty crypto exchanges on a global basis, with the most recent partnership greatly enhancing the adoption of Stellar’s lumens (XLM).
“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 provide 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,” Ian McAfee, SHIFT’s CEO and Founder, commented on the deal.
SHIFT Markets’ market platform is a turn-key solution to starting a cryptocurrency exchange or brokerage and helps provide a singular point of entry to access many regions where cryptocurrencies have not yet been fully adopted. This includes an emphasis in emerging markets, with XLM now being able to be traded directly against multiple fiat currencies.
Stocks to Watch This Week – Expedia Group, IncGo to article >>
Typically, to do so, users must first purchase BTC or ETH through a fiat gateway, and then send it to a crypto exchange, where they can trade it for XLM. However, this step is largely a roadblock, stymying Lumens adoption on a larger scale. Removing this critical step will aim to help expand the Stellar network.
“We are very excited to partner with Shift Markets to help expand the utility and reach of the Stellar blockchain network. With Shift Market’s technology platform and the customers, they work with, Stellar users will now have access to a growing network of liquidity providers in new and emerging markets,” explained Paul Arnautoff, Director of Sales and Partnerships at Lightyear.io.
“With new on-ramps and off-ramps for fiat to virtual currency, the Stellar network continues to expand its mission of financial inclusion and reducing friction in cross-border payments,” he added.
In June, the TRON cryptocurrency network announced a partnership with SHIFT Markets to bring TRX (TRON’s token) trading to an increased number of global currency markets.