LONDON, Aug. 23, 2018 /PRNewswire/ -- The White Company and Fintech Ltd announce a partnership bringing USD, GBP and Euro fiat deposits and withdrawals via White Standard stable coins. Fintech's Interstellar Decentralized Exchange (DEX) platform will be the first Stellar DEX-based exchange and wallet to provide this much needed service.
The White Standard (WSD) is the first and only $USD stable coin built on the Stellar protocol, 100% backed by deposits that are third party audited monthly. WSD provides instant and efficient transactions and easy integration into the existing Stellar ecosystem and the Stellar DEX. The White Company also operates the White Wallet platform, which is a service enabling users to buy, sell, send and receive WSD with fiat and other cryptocurrencies. Building on the success of WSD, The White Company is also launching GBP-backed (WSP) and Euro-backed (WSE) stable coins, which will be available for purchase and redemption on Interstellar.
"Our goal is to unleash crypto's real world potential, and this partnership with Interstellar is the first of many steps in not just bringing the White Standard stable coins to the masses, while increasing the ease for consumers to purchase Stellar lumens (XLM) with USD, GPB and the Euro," said Elizabeth White, CEO of The White Company.
Fintech Ltd launched Interstellar in the last quarter of 2017 as a one-stop secure crypto wallet and decentralized exchange. Among other features, Interstellar enables users to securely deposit, withdraw and trade Bitcoin, Stellar Lumens, Litecoin, Ethereum and Ripple.
The addition of WSD is the next step in Interstellar's move to add more real world usability to its system, after having added the NGNT stablecoin (pegged to the Nigerian Naira). Interstellar will be able to fill the critical need of a USD anchor, that can be purchased and redeemed directly with USD. There are currently very few options for cryptocurrency traders and investors to purchase or redeem in fiat, with most exchanges being limited to trading between cryptocurrencies only, with no ability to withdraw.
Users will deposit USD, GBP or Euro via The White Company and receive WSD, WSP or WSE at a 1:1 ratio, with no fees. They will then be able to trade all three stablecoins for Stellar's native XLM currency, as well as a multitude of other cryptocurrencies and tokens such as BTC and ETH. Traders who wish to redeem the stable coins they have purchased will go through a similar process, requesting a redemption and providing their bank account information where they can receive a US domestic ACH, European SEPA or international wire transfer.
The purchases and redemption of all three stablecoins will, in accordance with international regulations, be subject to a KYC/AML verification, but will not have any limitations on the amount traders can buy or redeem. This makes it a very useful medium of exchange not subject to the same restrictions that frustrate users of other exchanges such as Coinbase.
About The White Company
Founded in 2017, The White Company offers a stable, transparent, and secure ecosystem for cryptocurrency asset management and payments,. Rooted in its $USD-backed, monthly audited White Standard stablecoin and multifunction White Wallet, The White Company enables consumers and companies, alike, to harness the many benefits of digital currency without any of the risk, expense or market volatility. For more, visit www.TheWhiteCompanyUS.com.
About FinTech Ltd
Founded in March, 2017, FinTech Ltd is a Cameroon-based technology company that develops innovative Blockchain Applications for the global banking and financial services sector. With our extensive experience in cryptocurrency development and a highly experienced team of Blockchain Developers, we aim to deliver the best Blockchain solutions at affordable market rates. For more, visit www.fintech.cm.
SOURCE The White Company