Monday
May 15
2017

This cryptocurrency project is now courting banks

Stellar, an open-source payments network that started as a splinter project from Ripple, has formed a for-profit company to help financial institutions integrate its software.

Lightyear.io represents an acknowledgment that to fulfill Stellar co-founder Jed McCaleb’s goal of an open, global financial system, traditional banks will need to be involved.

The company said in a press release that by utilizing Stellar’s open-source network, it will be able to power payments between financial institutions and enable “seamless exchange between currencies, and let anyone build low-cost financial services.”

Source: American Banker (link opens in a new window)

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Technology
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banking, financial innovation, financial services, fintech, mobile banking, technology