Lumen (XLM), the native cryptocurrency for Stellar, an open source blockchain payment system, listed on CoinSwitch Kuber today, paired against INR.
The purpose of Stellar is to connect financial institutions via the blockchain and provide cheap transactions in developing markets. Jed McCaleb, a longtime cryptocurrency entrepreneur who founded bitcoin exchange Mt. Gox and co-founded blockchain-based payment system Ripple Labs, created Stellar in July of 2014.
Stellar uses a federated byzantine agreement (FBA) algorithm instead of a traditional mining network to validate transactions. Since the transfer of lumens doesn’t require approval from traditional cryptocurrency miners, the Stellar network enables quicker transactions than some other blockchain-based systems.
Stellar is also supported by the Stellar Development Foundation, a non-profit that helps with the maintenance of Stellar’s codebase, and supports Stellar communities, among other things.
Recently launched Coinswitch Kuber, allows users to buy or sell cryptocurrencies on their mobile app. Users simply deposit INR into their Kuber account and use it to buy one of the 40+ crypto assets offered on the exchange. The exchange provides high liquidity as opposed to open-orderbook exchanges, giving any user a consistent market price for any asset trading.
One of the older decentralized cryptocurrency, Stellar Lumens (XLM) is widely popular and used by platforms such as masmic, and others. By adding XLM paired with INR, CoinSwitch will attract many users interested in directly trading the token with Indian Rupee instead of any other crypto asset like BTC, ETH or even USDT.
Deposits and Withdrawals for XLM token are live right now on Kuber. You can sign up here.
You can also check out our first impression of CoinSwitch Kuber here: