The creators of Stellar set out to expand access to cheap financial services, fight poverty and unleash the individual potential of people. The Freewallet team shares these goals and is glad to welcome Stellar’s XLM coins to its platform. Starting today, users can store and make transactions in XLM on Freewallet: Crypto Wallet on iOS, Android and web.
What is Stellar and XLM?
Stellar is a decentralized payment network for digital currency to fiat payment transfers started by Jeb McCaleb, founder of Mt. Gox and cofounder of Ripple. Incorporated in 2014, Stellar launched Lumen, its native asset, to spread the use of its platform.
Stellar is aimed at improving cross-border transactions and reducing fees and transfer times. XLM or lumens is the internal currency of the Stellar network. It facilitates cross-currency transactions and helps the system to identify inactive accounts. Each user has to keep at least 0.5 lumens, otherwise his account will be eliminated.
What makes Stellar unique?
About 2 bln. people don’t have access to banking services. Stellar strives to solve this issue, and provide essential banking services, like money transfers, for all people. It is fast, cheap and decentralized. Payments are processed within 5 seconds, transaction fees are small, and currency exchanges are straightforward.
Stellar operates on a network of decentralized servers maintained by an international consortium of individuals and legal entities. These servers provide a distributed ledger that tracks network data and transactions. In practice, the Stellar protocol will function as a more inclusive and flexible PayPal. To start using the service, you need to deposit funds into an anchor on the network.
What is a Stellar anchor?
Like a bank or PayPal, this anchor stores your money and issues credit to your virtual wallet. You may be wondering why you need to exchange debit for credit using this anchor. In general, anchors serve as a bridge between any currency and the Stellar network. The exchange allows you to convert your funds into credit on the Stellar registry. This integration means that you can instantly send funds online without having to wait for a bank transfer, like you would with PayPal.
The project also simplifies cross-border payments. Suppose you wanted to send money to your brother living in France. You can use your balance in US dollars to send funds through the Stellar network. The system will then automatically convert USD to EUR using the lowest exchange rate, and the transfer will be credited to your brother’s account in euros. After receiving the money, he can withdraw funds from the anchor supporting EUR.sp;
XLM on Freewallet
Never heard of Freewallet? Don’t hesitate to sign up and check out what you can do on our platform with XLM and other digital currencies:
- Store XLM and 30+ other cryptocurrencies in one secure wallet using whichever platform is convenient for you: iOS, Android, or web.
- Fund your account with almost any cryptocurrency and make free transactions within the Freewallet eco-system.
- Protect your cryptocurrency assets with enhanced security features including: 2FA, multisig, and transaction limits. Your coins are kept in cold storage, ensuring maximum safety from hackers.
- Monitor the exchange rate with real-time price charts and trade XLM to any coin without leaving the wallet.
If you have any questions regarding XLM or need any assistance, please contact our support team.