The Stellar ecosystem continues to expand. Today they announced a partnership with global payments company Flutterwave to launch two new payment corridors between Europe and Africa. For details of the news cryptocoin.com keep reading.
What will the Stellar and Flutterwave partnership bring?
Corridors will process transactions with the main EU anchor TEMPO, a payment institution serving the corporate sector, and USDC to be supported by the Stellar network. In this way, the partners are trying to provide a simplified way of sending remittances between two continents. Therefore, according to crypto analyst Reynaldo Marquez, the collaboration could have a positive impact in the African region as it provides friction and accessible digital payment method to businesses.
To achieve this goal, XLM-based companies Flutterwave and TEMPO will create an “affordable Pan-African payment infrastructure.” In doing so, partners expect greater adoption and acceptance as an alternative payment system as opposed to the more expensive and restricted payment companies in the traditional industry.
In a press release shared by the Stellar Development Foundation (SDF), Flutterware CEO Olugbenga Agboola claims that sending money to the Sub-Saharan region is one of the most expensive processes worldwide. In this sense, their partnership with the SDG seeks to make the process more cost-effective and accessible. CEO Olugbenga Agboola says:
Our new payment corridors at Stellar will enable us to continue to expand the Flutterwave network to provide essential, cost-effective money transfer services to African business owners.
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