Bitcoin and Litecoin coming to Stellar Lumens network with SEP-6 transfer service

  • Coinqvest surfaces as the Tier SEP-6 transfer server on the Stellar Network.
  • Investors can support Stellar in building rich liquidity for Coinqvest.

The Stellar Lumens network has introduced Coinqvest as the Tier-1 SEP-6 transfer service for Bitcoin (BTC) and Litecoin (LTC). Coinqvest serves as the Tier-1 validator, Horizon operator, contributor, and service provider for the Stellar network. Introducing this first enterprise-grade service will ease the tokenization and detokenization of Bitcoin and Litecoin on Stellar. It will focus on commercial applications, FinTechs, wallets, exchanges, and other different businesses. The interface is open, permissionless, and accessible to everyone.  

Henceforth, users can withdraw or deposit Bitcoin and Litecoin on the Stellar network using the Coinqvest interface. They can access the service provided by the platform through simple programming or the web interface. All assets on Coinqvest are digital representations of valuables on the Stellar network. Fiat or crypto-currencies back these assets. For now, Coinqvest only issues assets for Bitcoin and Litecoin, and Stellar plans to build and issue more assets on Soroban soon. Soroban is the native smart contracts platform of the Stellar network. 

Advantages of Coinqvest on the Stellar Network

Coinqvest provides maximum transparency in all transactions; anyone can audit these transactions. The firm discloses several transactional details to the public. These details include circulating supply, hot wallet addresses, cold wallet addresses, accounts, blockchain transaction ids, and balances. Also, the platform assures owners of the safety and location of their assets. Only SEP-6 transfers can make custodial funds leave their stored location. Users can keep their funds in a hot or cold wallet. 

Developers can communicate with the Coinqvest SEP-6 transfer server through HTTP GET requests and reading responses. They can establish further interaction using a REST client in any preferred programming language. 

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Furthermore, investors who intend to trade, receive, or hold Coinqvest assets must connect a trustee to the issuing account. Trustlines help users to specify the intended holding amount and also prevent users from receiving unwanted assets. A trustline costs a base reserve fee of 0.5 XLM. Certain Stellar wallets and exchanges permit users to add or remove trustline easily. 

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The Stellar network seeks to get more support from users to help provide larger liquidity. A substantial TVL (total value locked) in liquidity will help Coinqvest run payment services and settle funds effectively on the Stellar network. Assets on the Coinqvest payment platform will create more interactions with Coinqvest LPs, generate conversion fees, and provide arbitrage opportunities. Stella is currently looking for market makers or arbitrageurs to take part in their ecosystem. 

Stellar promises to maintain equivalent standards across its service quality. The team believes users need a successful product like the SEP-6 transfer server. The Tier-1 validator reportedly maintains flawless up-time, instant incidence response, and fast resolution times. Stellar’s NOC team monitors all transfer operations of SEP-6 24/7. Also, Stella equipped its transfer server with a high-availability service level agreement (SLA) of approximately 99.9 percent.

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Bio: Ibukun Ogundare is a crypto writer and researcher who uses non-complex words to educate her audience. Ibukun is excited about writing and always looks forward to bringing more information to the world.

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