Crypto exchange StellarX announced on Monday that it has listed XLM offered by Token.io, backed by fiat currencies in 1:1 ratio. The listing was done with support from Token.io founder and CEO Steve Kirsch.
Check out their USD backed token now on https://t.co/9zGa1hjZvp 💵
— StellarX (@stellarxhq) July 8, 2019
Toronto based StellarX is a decentralized crypto exchange, which was taken over by Coinsquare, another Canadian company, earlier in February this year. It is based on the consensus protocol created by Stellar Development Foundation backed InterStellar. XLM is backed by the US Dollar, which has been among the top projects in terms of adoption by finance companies.
However, the token is lagging far behind XRP and SWIFT in terms of liquidity. It has also had a bittersweet relationship with leading exchanges like Binance, which has furthered hurdles for the users. Listing on StellarX DEX will give some relief, though the exchange itself is infamous for lack of liquidity.
Token.io, on the other hand, has been quite a revolution in recent times, as its motto is to become the ‘World Wide Web’ of monetary value globally. Token.io is a London based company, with its headquarters in Silicon Valley. It is authorized as an Account Information Service Provider, and as a Payment Initiation Service Provider by UK’s financial regulator, the Financial Conduct Authority (FCA). Most of its users are Banks, Payment Service Providers, FinTech Developers, Merchantsmentionsand other financial organizations.