Stellar Breaks Free: Unleashes New Open-Source Disbursement Platform
August 16 2023 - 11:00PM
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Blockchain-based payment network Stellar has introduced the
open-source “Stellar Disbursement Platform,” aimed at facilitating
faster, cost-effective, and transparent digital disbursements
worldwide. Developed by the Stellar Development Foundation
(SDF) over the past year, the platform enables individuals and
organizations to execute bulk disbursements using digital assets
for various purposes, including gig worker payments and digital aid
delivery. Initially deployed for digital aid disbursements in
Ukraine, the turnkey payment solution is now open-source and
available for use and further development by anyone.
Revolutionizing Global Payments? According to the announcement made
on Wednesday, the Stellar Disbursement Platform allows users to
send funds to thousands of recipients swiftly within seconds.
It offers numerous applications, including supplier payments,
payroll management, and contractor payments, catering to diverse
payment needs. Furthermore, the platform’s seamless
integration with Stellar’s global network of on and off-ramps,
covering over 180 countries, provides recipients with the
convenience of converting digital currency to cash “easily.”
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Denelle Dixon, CEO of the Stellar Foundation, expressed enthusiasm
for the open-source release of the Stellar Disbursement Platform.
She highlighted its success in facilitating digital aid
disbursements in Ukraine and its subsequent evolution into a
comprehensive payment solution. Dixon emphasized the
platform’s potential to empower gig workers, global payroll
systems, and creators, fostering a more inclusive and accessible
financial future. Jeremy Allaire, CEO of Circle, also acknowledged
the impact of the Stellar Disbursement Platform on humanitarian aid
disbursements. He praised the platform’s effectiveness in utilizing
the USD Coin (USDC) and highlighted its potential to advance global
disbursement practices. The open-source nature of the Stellar
Disbursement Platform reflects a commitment to collaboration within
the blockchain community. By sharing this tool with the world,
Stellar aims to create a more accessible and transparent financial
future, benefiting gig workers, global payroll systems, and
creators. Overall, Stellar’s launch of the open-source Stellar
Disbursement Platform marks a significant step towards enabling
faster, cost-effective, and transparent digital disbursements
worldwide. The platform enables individuals and organizations to
streamline their payment processes with its wide range of
applications and integration with Stellar’s network. Stellar
Secures Minority Stake In MoneyGram On Tuesday, the Stellar
Development Foundation announced its recent participation in the
go-private transaction with Madison Dearborn Partners (MDP),
solidifying its position as a minority investor in MoneyGram,
providing cross-border P2P (person-to-person) payments and money
transfer services. As part of this investment, SDF has secured a
seat on MoneyGram’s Board of Directors, granting the foundation an
opportunity to contribute to MoneyGram’s future and digital
strategy actively. Per the announcement, joining a group of leaders
from the payments, financial services, and technology sectors,
SDF’s presence on the board will leverage its collective expertise
to fortify and guide MoneyGram’s digital transformation.
Furthermore, the investment positions SDF to play a vital role in
various aspects of MoneyGram’s journey, including the expansion of
its digital business, exploration of blockchain technology, and
support for the company’s overarching mission of facilitating
secure and efficient global money movement for individuals and
businesses across multiple countries. Related Reading: Toncoin
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SDF CEO Denelle Dixon expressed confidence in the growth and
opportunities arising from this partnership. By fostering solid
collaborations with organizations in the payments sector, SDF moves
closer to its mission of creating “equitable” access to financial
services. This announcement signifies a mutually beneficial
arrangement where SDF’s involvement will contribute to MoneyGram’s
digital advancement while aligning with SDF’s vision of
facilitating inclusive financial access. Despite recent protocol
announcements and developments, the native token of the Stellar
protocol, XLM, has consistently declined over the past two weeks.
Currently, the coin is trading at $0.1262, reflecting a 2.4%
decrease in value over the past 24 hours and a 13.8% decline within
the fourteen-day timeframe. Featured image from iStock, chart from
TradingView.com
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