Blockchain based payment network that Stellar has introduced the open-source “Stellar Disbursement Platform”, aimed at facilitating faster, cost-effective and transparent digital payouts worldwide.
Developed over the past year by the Stellar Development Foundation (SDF), the platform enables individuals and organizations to conduct bulk spending using digital assets for a variety of purposes, including payments for gig workers and delivery of digital assistance.
The out-of-the-box payment solution, which was initially deployed for digital aid disbursement in Ukraine, is now open-source and available for use and further development by anyone.
Revolutionary global payments?
According to Wednesday’s announcement, the Stellar Disbursement Platform allows users to send money to thousands of recipients in seconds.
It offers a variety of applications, including supplier payments, payroll, and contractor payments, and serves a variety of payment needs.
In addition, the platform’s seamless integration with Stellar’s global network of entry and exit points, which spans more than 180 countries, offers recipients the convenience of “easily” converting digital currency into cash.
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 towards a comprehensive payment solution.
Dixon highlighted the platform’s potential to empower gig workers, global payroll systems and creators, and foster a more inclusive and accessible financial future.
Jeremy Allaire, CEO of Circle, too recognized the impact of the Stellar Disbursement Platform on humanitarian aid disbursements. He praised the platform’s effectiveness in using the USD Coin (USDC) and highlighted its potential to advance global payout 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.
All in all, Stellar’s launch of the open-source Stellar Disbursement Platform is an important step towards faster, cost-effective and transparent digital payouts 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 Acquires Minority Stake in MoneyGram
On Tuesday, the Stellar Development Foundation announced its recent participation in the go-private transaction with Madison Dearborn Partners (MDP), which cemented its position as a minority investor in MoneyGram by offering 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, giving the foundation the opportunity to actively contribute to MoneyGram’s future and digital strategy.
According to the announcement, SDF’s presence on the board, joining a group of leaders from the payments, financial services and technology industries, will leverage its collective expertise to strengthen and guide MoneyGram’s digital transformation.
In addition, the investment positions SDF to play a critical role in several aspects of MoneyGram’s journey, including expanding its digital business, exploring blockchain technology and supporting the company’s overarching mission to provide safe and efficient global money movements. for individuals and companies. across several countries.
SDF CEO Denelle Dixon expressed confidence in the growth and opportunity arising from this partnership. By fostering solid partnerships with organizations in the payment industry, SDF moves closer to its mission of creating “equal” access to financial services.
This announcement represents a mutually beneficial arrangement where SDF’s involvement will contribute to MoneyGram’s digital advancement while aligning with SDF’s vision to facilitate inclusive financial access.
Despite recent protocol announcements and developments, the Stellar protocol’s native token, XLM, has consistently declined over the past two weeks. Currently, the coin is trading at $0.1262, reflecting a 2.4% drop in value in the past 24 hours and a 13.8% fall in the 14-day time frame.
Featured image from iStock, chart from TradingView.com