Stellar Lumens recently made an official announcement introducing cryptocurrency payment network which is called Tempo. The new platform reportedly aims at creating the biggest payment network of any authorized cryptocurrency exchange internationally. The recent information was passed by the company yesterday, on July 12, which was followed by an official message on the company Twitter page as well.
The official message by the company on the page stated: “Tempo, the crypto payment network simplifying the exchange process from crypto to fiat, is creating the largest payment network of any licensed crypto exchange globally…”.
As informed by the source, Tempo uses Stellar DEX which is Stellar Decentralised Exchange platform and is backed up by Stellar’s Network. This network can be used to build mobile wallets, banking tools, smart devices, and other technical payment techniques. At the same time working and building on this platform can be accessible to pretty much anyone due to the speciality of the Stellar Network being kept simple and with no extra complications.
Tempo product is reported to have the objective of simplifying the cryptocurrency to fiat currency exchange process. The platform is promised to be creating the world’s largest payment network. The portable application and the network of Tempo allow fiat proprietors to evade Bitcoin ATMs and accordingly their extensive fee.
While Stellar Network is used by Tempo for facilitating P2P payments, the platform will be using Lightyear.io in order to help big players integrate the software.
Stellar DEX stores the order book while settling transactions on-ledger. The matchmaking is hence built into the protocol of the system. In addition the network and the exchange platform can both be reportedly used for different projects which may be related to their technology as well as to cryptocurrencies in general.
