Stellar Lumens (XLM) ecosystem keeps growing – new FDIC insured stablecoin TokenX launched on Stellar network
Stablecoins are the new hit in cryptocurrency world. After Tether got into trouble with solvency and non-transparent dealings, other companies saw an opportunity to fill the need with a stablecoin that will actually justify its name and be stable.
We now have a new stablecoin – TokenX, launched on Stellar blockchain by a San Franscisco startup lead by a serial entrepreneur Steve Kirsch, who has started seven companies: Mouse Systems, Frame Technology Corp., Infoseek, Propel, Abaca, OneID, and Token.
What you'll learn 👉
What makes TokenX special?
According to their own website, TokenX is regulated and insured stablecoin (up to $25 million) for the verified users and it will support more than 30 currencies on Stellar network, with Ethereum support being added later on.
Fiat currencies are held in escrow by our partner, Alliance Trust.
Monthly independent audit reports will confirm that assets in escrow match the outstanding Token X stablecoins.
All transactions between fiat and the Token X stablecoin are screened and can only be performed by individuals or corporations that have passed the Know Your Customer (KYC) process. Parties with USD in escrow are FDIC insured up to USD 25 million.
Purchases of TokenX will be available only to the fully verified individuals and entities. Onboarding of new customers is further eased with great GUI and iOS and Android apps.
How to buy TokenX?
After passing the AML and KYC process, you transfer your fiat money to the Alliance Trust, which is the parnter of Token company, and they will transfer you the TokenX to either Stellar or Ethereum address, as per your instruction.
Token – a new competitor for XRP?
The grand vision of Token company is to make it as easy to send money globally as it is to send an email or text message.
The first step on that journey was to provide an open banking platform, TokenOS, which connects developers and banks. You can learn more about our TokenOS based offerings at Token PSD2, Token Connect and Token BankPay.
The second step on the journey is to offer digital money in the form of a stablecoin, Token X. The stablecoin allows near instant settlement of payments at very low cost and is more secure than other payment options.
TokenX will be traded on Stellar exchanges and is already available on StellarX. Fees for buying Stellar-based currencies is capped at $50 which makes it an ideal tool for investors wanting to quickly, safely and cheaply load significant funds to Stellar network.
