Interstellar Launches StellarX Decentralized Crypto Exchange with Zero Fees and Fiat Support
StellarX, a Stellar-based zero-fee decentralized crypto exchange was fully launched last week, as announced in a blog post by Interstellar, the company behind the platform.
StellarX is launched–free trades, fiat onramp, all kinds of tokens! Still lots to do. But here’s a look at where we are and where we’re going. https://t.co/BnHGwxD8E0
— StellarX (@stellarxhq) 28 September 2018
StellarX is based on Stellar’s (XLM) universal marketplace and positions itself as a “real fiat onramp,” allowing users to make deposits directly from a U.S. bank account.
The fiat on-ramp for the exchange will turn the US dollar into a special asset, USDX. The platform will also create the option for additional tokenization for stable coins linked to other fiat currencies.
“We also, today, show tokens for Euros, Philippine Pesos, Nigerian Naira, Chinese Yuan, Hong Kong Dollar, and the British Pound, and we’ll add in-app deposits/withdrawals for these as soon as their issuers support our standards. We anticipate a full suite of forex stablecoins in the coming months: we will be a “local” exchange for many countries that currently have nothing,” explained Stellar co-creator Christian Rudder.
Stellar had already launched StellarDEX, a small-scale decentralized exchange, but the idea behind StellarX is much larger, as the team explained:
“StellarX will one day have bonds, stocks, real estate, commodities, and so on all side-by-side with essential currencies, but these new assets take time and the right protocol to digitize.”
Moreover, StellarX stresses that the platform is “almost certainly the only” free trading platform. This stems from the fact that StellarX does not charge per trade as legacy exchanges do. Neither does it profit from customers’ unused funds, which the company points out that custodial platforms such as Robinhood do.
Rather than to profit from fees or other costs leveraged against users, the SrellarX team insists that they “are here to redefine how assets move around the world.”
StellarX also outlined over a dozen of other upcoming features, including a night mode, multisig support, improved token statistics and information, a mobile site, an improved signup and onboarding process, a refined visual design as well as non-XLM markets support.
Last month, San Francisco-based technology startup Chain Inc. has been acquired by Lightyear Corp., with two companies forming a new entity called Interstellar. StellarX is a part of this new company’s product portfolio.
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