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Novatti Group Collaborates With Stellar (XLM) On Cross-Border Remittance

Award-winning global financial software technology and systems integration provider, Novatti Group, has partnered Stellar Network on the integration of blockchain payments on its proprietary payments platform. The move will facilitate cross-border payment and open Novatti Group to opportunities within the blockchain industry.

Being a blockchain technology, the Stellar network is an open-source, distributed and community protocol that enables the connection of banks, payments systems, and people together in a reliable, fast and low-cost manner. It has the potential to manage fiat-based currencies and between cryptocurrencies.

Novatti and Stellar are going to be benefiting from the collaboration, it will increase their users and open them to myriads of opportunities.

According to a statement by Peter Cook, the Chief executive officer of Novatti Group, “Completing the integration of Novatti’s Payments Platform into Stellar’s network lays the foundations to build future high-growth revenue streams driven by transactions across the blockchain network.”

“We are focused on leveraging our strong relationship with Stellar to securing additional agreements with its partner network to drive high growth revenue streams in the payments and billing space, driven by growing transactions processing.”

Confirming the collaboration in a tweet, Ella Qiang, who leads Stellar’s strategic partnerships in China said: “Congrats to our anchor partner @NovattiPayments on completion of Stellar integration! Look forward to seeing transaction commencement in the coming month. #Stellar #futureofpayments.”

Stellar is growing. The platform keeps on announcing partnerships with financial service providers in the nooks and crannies of the world. In March, Stellar announced a partnership with Keybase, the producer of free security app for mobile phones and computers.

Speaking on the move, the Stellar team stated that they are “most interested in their (Keybase) ground-breaking effort to link strong cryptography to real-world identity.”

“We see a future where, say, I can send my friend 100XLM, and, via Keybase, I can send it to her by knowing only her Twitter or Reddit handle. I won’t need some long string of digits as a key, just a human-readable username that I already know. In short, I can interact with her financially in the same way I interact with her socially. The end product would be like a global, decentralized Venmo, where you can send around every asset under the sun, not just your local currency—that’s where money is heading, and we want to get Stellar started along the path.”

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Stellar XLM for Changing the Future of Transaction: Partnering Up with KeyBase

The team behind the Stellar platform is drawing out plans to change the payment methods and modes that are used until now in the cryptocurrency ecosystem. By signing down a partnership with Kebase, the developers are painting out and envisioning a time and way on how the coins could be moved from one individual to another only through having the end users’ Twitter or Reddit handle and without a requirement of their long string of digits.

The developers behind the new and free security app for mobiles and computers being backed by a public-key cryptyography – Keybase, very like to Team Dropbox or Slack, have been designing secure tools that can be used in a global-scale range in which files can not be hacked or leaked through the server.

The project and the process will be supported financially by Stellar in XLM and US Dollar, while details regarding the steps and further development will be released close to completion or when it is finished.

“We can’t think of any group of developers we’d rather see contribute to the Stellar ecosystem.” – Stellar announcement

With the same energy the other party feels about the coin and its platform as Keybase stated that Stellar seems like it does fulfill BTC shoes of the original target it had of fast, cheap worldwide payments. The team continued with highlighting out that Stellar might be a better performer even than Ethereum as it is to insecure or expensive while many startups and ICO’s are targeting Stellar.

Both the parties are looking forward to solving payment problems such as a need of long ugly address to make payment, address people with more than just their phone numbers, the difficulty of using a single wallet through multiple devices and the requirement of a private key for a browser extension. Keybase will also be focusing on integrating the key features of Stellar directly into its app.

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Easy as Chat? Stellar Invests in OKCupid Founders' Crypto Quest

Settling a tab in crypto tokens?

While the idea may seem far from mainstream, it’s actually at the center of a deal that finds the non-profit behind the world’s eighth-largest blockchain, the Stellar Development Foundation, funding the co-founders of OKCupid and their new cryptography-centric startup, Keybase.

Revealed exclusively to CoinDesk, Keybase has accepted an undisclosed investment from Stellar. But while the terms of the deal aren’t known, the startup wasn’t shy in boasting about the alleged size. Stellar was so keen on the concept, the company now says it won’t need to pursue a Series B round at all.

And that’s no small feat. Founded in 2014, Keybase is built around improving end-to-end encryption, a goal for which it has secured $10.8 million in venture funding in a round led by Andreessen Horowitz.

Thursday’s deal, however, isn’t a typical VC round. (As evidence, Stellar isn’t taking a seat on the Keybase board.) “It’s a very friendly and mutually beneficial arrangement. It’s significantly less formal than a traditional venture round,” Keybase co-founder Chris Coyne explained.

But if the idea and its participants sound surprising, Coyne, who helped launch the well-known U.S. dating aggregator in the 2000s, sees it as a continuation of years of interest in cryptocurrencies.

In fact, near the end of his time at the matchmaking giant, Coyne and his partners made OKCupid one of the first well-known tech companies to accept bitcoin payments.

Conye recalls:

“What I realized while this integration was happening was that people had to go through this huge effort to acquire this bitcoin, and then we were just taking it from them. It never felt like anything was really happening on the consumer side.”

Now as a co-founder at Keybase (alongside another OKCupid cofounder, Maxwell Krohn), Conye believes that his company has built an infrastructure that could accelerate person-to-person payments through work with stellar and the use of its cryptocurrency.

To begin, Keybase is accepting the funds in what it jokingly called “dirty fiat,” though over time, it indicated it will enable customers to hold value in Stellar’s cryptocurrency, lumens.

Product ahead

Circling back to the big idea, though, it’s easy to see the fit for both parties.

Since even before OKCupid’s bitcoin integration, Coyne and his partners have been excited about the potential of crypto, but disappointed to see it even still largely used as a store of value or for speculation.

“It feels like we’ve almost given up on this story of people sending cryptocurrency to each other,” Coyne said. “What excites me about Stellar is that it’s insanely fast, transaction fees are close to zero and the low energy consumption is exciting to a lot of people on our team.”

But there’s more the ideology supporting the deal.

The heart of Keybase’s technology is a central repository of public keys, so that data can be encrypted to all of a user’s devices without any need for them to handle cumbersome PGP keys (or even see them).

Keybase already allows users to send encrypted chats, files and even run encrypted Slack-like collaborations, all end-to-end encrypted, across multiple devices for each user. Private keys stay on each device that generated it, so the user never has to trust Keybase itself.

In this way, whatever Stellar is investing in Keybase to build for the lumens ecosystem, Coyne seems to hint that the idea is bigger than a mere wallet.

He said:

“There will be a reveal later this year when the product launches. We will definitely make person-to-person cryptocurrency transactions a lot easier.”

Lumens’ features

Still, Stellar’s lumens could bring additional advantages to Keybase users.

One feature of lumens the team likes is its ability work as IOUs for fiat, backed by institutions (such as banks) that can be transferred between users.

Using blockchain, these fiat-backed lumens could easily cross borders, so a French user could pay in euros to a British user who would receive pounds, all for tiny fees subtracted from the transaction.

But while most tech companies would have a hard time backwards-engineering a crypto integration effectively, Keybase can, and the reason goes back to the early interest of the founders in its core ideas.

“Back then, I imagined this world where people had wallets, cryptocurrency wallets, and we would send small amounts of money to each other,” Conye told us, concluding:

“It’s always felt like something we could do a very good job on.”

Payment app photo via Shutterstock.

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