The StellarX exchange was initially revealed to be under development this past July. The hallmark feature of the client is that it is built on Stellar’s universal marketplace, using the open-source Stellar protocol to provide cryptocurrency-to-fiat exchanges.
The ”X” in StellarX’s name is not a reference to ”exchange”, as it might initially appear, but is rather a representation of the algebraic ”x” – intended to signify that the platform will be open to ”Anything. Anyone. Anywhere.”
At the moment of writing, Stellar is pegged as the world’s sixth-largest cryptocurrency – commanding a market capitalization of $4.8 billion. Moreover, StellarX stresses that the platform is ”almost certainly the only” free trading platform.
This stems from the fact that StellarX does not charge per trade as legacy exchanges do. Neither does StellarX profit from customers’ unused funds, which the company points out that custodial platforms such as Robinhood do.
Rather than to profit from fees or other costs leveraged against users, StellarX states that the ”[they] aren’t here for a cut. [They] are here to redefine how assets move around the world.”
As a part of this, StellarX states that they ”refund all network costs”, and the exchange reportedly uses ”the right tech” through building the platform directly on Stellar.
This means that the platform does not need an additional layer superimposed through smart contracts and relayers – and as Stellar’s consensus mechanism does not require a ”stake” or ”work”, the platform does not require users’ capital to function.
Moreover, the press release by StellarX notes that the exchange will allow users to deposit US dollars onsite directly from a US bank account through the use of ACH, with what they refer to as a ”real fiat onramp”.
Moreover, the exchange converts digital tokens for a vast variety of fiat currencies. These include the euro, Chinese yuan, Hong Kong dollar, British pound, Nigerian naira and Philippine peso.
In addition to this, StellarX notes that in-app deposits and withdrawals for these currencies will be implemented ”as soon as their issuers support [StellarX’s] standards”.
According to the platform’s blog post, StellarX is reportedly working on integrating digitized versions of other assets – e.g. stocks, bonds, real estate and even commodities. Nevertheless, StellarX notes that introducing these types of assets require ”the right protocol” to successfully digitize.
Furthermore, StellarX touts being a supposedly truly transparent exchange, where all notable events will happen ”on-chain” for all the world to see – as well as for users and, most notably, token issuers.
StellarX also outlined a myriad of upcoming features, including a night mode, improved token statistics and information, a mobile site, an improved signup and onboarding process, as well as refined visual design and a series of other features.
Image Source: “Flickr”
Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the cryptocurrency industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.