Blockchain-based payment network Stellar has launched an open-source disbursement platform for global payments.
Stellar stated in its announcement that SDP may assist with duties ranging “from paying gig workers anywhere in the world to delivering digital aid’.” The tweet claims that anyone can use the service to pay with cryptocurrencies anywhere worldwide and that it specializes in mass payout.
According to Stellar, SDP promises to make digital payments faster, less expensive, and more transparent. The action comes after a trial run to distribute supplies in Ukraine in December.
The program, already available as open-source software, supposedly enables instantaneous financial transfers to thousands of recipients and real-time monitoring of payment distribution.
SDP can also send periodic payments to contractors, wages, or power suppliers. Finally, Stellar asserts that over 180 countries may turn digital currency into cash thanks to its fiat on-ramp and off-ramp partners network.
The declaration comes after news on August 15 that the Stellar Development Foundation (SDF), the company that created the Lumens (XLM) blockchain, was buying a small interest in the well-known remittances service MoneyGram.
Although the financial details were not made public, it was apparent in the announcement that SDF will have a seat on MoneyGram’s board of directors.
Although the introduction of SDP could at first seem to put Stellar and MoneyGram in a conflict of interest, the two companies long-standing cooperation may continue.
Since the companies have been working together for a while, it’s possible that MoneyGram helped provide the over 300,000 off-ramp points that were advertised on SDP’s website. However, it still needs to be discovered to the general public what part MoneyGram plays in SDP’s infrastructure.
