New Stellar Anchor Platform Bridges Businesses to the Blockchain and to a Global Network of Wallets and Exchanges

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Oct 11, 2022, 05:00 ET

Stellar Development Foundation's latest product helps companies link to Stellar faster and cheaper

ROME, Oct. 11, 2022 /PRNewswire/ -- Today at Stellar's 4th annual Meridian conference, the Stellar Development Foundation (SDF), the non-profit that supports the growth and development of the Stellar network, announced the launch of the Anchor Platform, an out-of-the-box solution that makes it easier and faster than ever for businesses to connect to the blockchain. In just three steps, companies such as banks and money transfer operators may access the Stellar network with reduced development cost and time.

The Anchor Platform is a prepackaged software API built to help companies easily connect to Stellar. With one integration, businesses may plug the Anchor Platform API into their existing technical infrastructure and access Stellar's payment rails without the need for custom integrations. This enables a growing list of services such as fiat-to-digital asset cross-border payments and deposits and withdrawals.

This innovative solution helps bridge the gap between fiat-focused businesses and blockchain-based companies. By leveraging pre-packaged software, it's easier than ever for businesses to connect to a global network of interoperable wallets, exchanges and applications looking to support new financial services for their end-users.

Stellar anchors provide on/off ramps for digital currencies on the Stellar network. Anchors may accept deposits of fiat currencies (such as USD, CNY, and BRL) via existing rails (such as bank deposits or cash-in points), and then use the Stellar network to send users the equivalent value of digital tokens representing those deposits. With a simple out-of-the-box integration, financial technology companies may become anchors themselves, while getting to market more quickly, inexpensively, and having their services available to a global network of applications.

"Tasks that used to require months of development have just been simplified by a factor of ten," said Denelle Dixon, CEO and Executive Director of Stellar Development Foundation. "The Anchor Platform enables companies to bridge their services to wallets, applications, and exchanges in weeks rather than months. Some of the world's brightest minds are simplifying blockchain technology integrations for everyone. Today, we see that trend exemplified through the ever-improving interoperability of the Stellar network."

"Now with the Anchor Platform, Stellar anchors can grow their existing business by integrating one API client and thereby opening up access to a global network of interoperable money service businesses, applications developers, and end-users in the digital asset economy," says Nicholas Gilbert, Head of Product at Stellar Development Foundation.

The Anchor Platform is now live, with support for cross-border payments available today and new payment services rolling out over the coming months. Additional benefits of the Platform include interoperating with a network of more than 80 global anchors and reduced project risk. For more information on how to get your business integrated with Stellar visit stellar.org/anchorplatform.

About Stellar

Stellar is a decentralized, fast, scalable, and uniquely sustainable network for financial products and services. It is both a cross-currency transaction system and a platform for digital asset issuance, designed to connect the world's financial infrastructure. Financial institutions worldwide issue assets and settle payments on the Stellar network, which has grown to over 7 million accounts. For more information, visit stellar.org.

About the Stellar Development Foundation

The Stellar Development Foundation (SDF) is a non-profit organization that supports the development and growth of Stellar, an open-source network that connects the world's financial infrastructure. Founded in 2014, the Foundation helps maintain Stellar's codebase, supports the technical and business communities building on the network, and serves as a voice to regulators and institutions. The Foundation seeks to create equitable access to the global financial system, using the Stellar network to unlock the world's economic potential through blockchain technology. For more information, visit stellar.org/foundation.

SOURCE The Stellar Development Foundation