01 Oct 2018 Josphat Kariuki
Stellar (XLM) Launches the World’s First Free Decentralized Crypto Exchange, StellarX
The launch was announced in an official blog post, published by Interstellar, which stands behind the new zero-fee decentralized platform.
Following the first announcement in July, the exchange is built with Stellar (XLM) protocol. Stellar is an innovative open-source protocol that facilitates exchanges from cryptocurrency to fiat. The team behind the project prides itself with its own cryptocurrency XLM which is among the top 10 largest in the world, with a market capitalization of almost $5 billion.
According to the company’s latest press release, StellarX is a “real fiat onramp,” since it allows U.S users to deposit directly from their bank accounts in dollars. Furthermore, the platform exchanges the digital token for other fiat currencies, including the Chinese yuan, euro, British pound, and the Hong Kong dollar.
According to the company’s blog post, StellarX revealed its plan to add digital versions of other assets, such as stocks, bonds, commodities and real estate. The exchange stands out with its completely free network usage and trading, with no transaction fees per trade or gas fees when using the blockchain. It uses the Stellar technology in a way that doesn’t have any additional costs for the users.
The platform’s verification system has delegates employed according to their reputation. Unlike other platforms that require an asset known as Lumens to facilitate user transactions, the StellarX mechanism is quite different and innovative.
Walking in the same light as Robinhood, a leading American financial service provider that launched their zero-fee trading platform earlier this year, StellarX stresses on the fact that the platform is free. Furthermore, the company also promises to refund any network fees.
Earlier in September, Robinhood revealed their plan to launch an IPO (Initial Public Offering), stating that they are undergoing audits from various regulatory authorities. That includes U.S. SEC (Securities & Exchange Commission) and FINRA (Financial Industry Regulatory Authority).