Shift Markets Partners with Stellar to Expand Lumens in Emerging Markets

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Aug 09, 2018, 06:00 ET

NEW YORK, Aug. 9, 2018 /PRNewswire/ -- Shift Markets, whose market platform is a turn-key solution to starting a cryptocurrency exchange or brokerage, announced a partnership with Lightyear to support the integration of Stellar technology. Since SHIFT currently services over 60 crypto exchanges globally, mostly in emerging markets, this partnership greatly increases the use of Stellar technology and the global adoption of Stellar's native currency, lumens (XLM).

SHIFT provides a single point of entry to access many regions where cryptocurrencies have yet to scratch the surface and allows XLM to be traded directly against multiple fiat currencies.

As a result, SHIFT addresses a critical need in the Stellar financial ecosystem: to acquire lumens today, users must first purchase BTC or ETH through a fiat gateway, and then send it to a crypto exchange, where they can trade it for XLM. This extra step typically prevents many new or inexperienced users from owning XLM and removing it will allow for the broader adoption of lumens and wider participation in the Stellar network.

Ian McAfee, SHIFT's CEO and Founder, said, "This is an exciting partnership for us as many of our exchange clients would like to offer Lumens trading on their exchange. Their commitment to provide low-cost financial technologies in developing nations makes them a good fit for our market. We aim to increase Lumen liquidity and usage for both major and exotic fiats."

"We are very excited to partner with Shift Markets to help expand the utility and reach of the Stellar blockchain network. With Shift Market's technology platform and the customers, they work with, Stellar users will now have access to a growing network of liquidity providers in new and emerging markets," said Paul Arnautoff, Director of Sales and Partnerships at Lightyear.io. "With new on-ramps and off-ramps for fiat to virtual currency, the Stellar network continues to expand its mission of financial inclusion and reducing friction in cross-border payments."

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SOURCE Shift Markets