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Cowrie opens Stellar Lumens (XLM) powered payment corridor for Nigeria

  • The Cowrie crypto exchange has presented a payment corridor for Nigeria powered by Stellar Lumens.
  • For the corridor the NGNT token is used, which is available in exchange for USD, EUR, CNY, XLM and BTC.

The technical director of the Cowrie crypto exchange, Gbubemi Agbeyegbe, gave a presentation on the operation of the platform and the Stellar Lumens based payment corridor for Nigeria. The presentation is part of a series of webinars funded by the Stellar Lumens Foundation (SDF). In these webinars, the SDF enables various projects to talk about their use cases and their experiences with Stellar Lumens (XLM).

Payment corridor for Nigeria powered by Stellar Lumens

According to Cowries technical director, the platform issued the NGNT token on the Stellar Lumen platform. This token connects Cowries platform to the Nigerian Interbank Settlement System (NIBSS). As it is connected to NIBSS, the Cowrie platform has access to all banks in the country and can connect the national banking system to the Stellar Lumen network.

Furthermore, the NGNT token is tied to the national currency, the Naira, on a one to one ratio. According to Cowrie, the token allows its users a decentralized way to exchange and store values. Cowrie’s goal is to enable users to use the Stellar Lumen network to “take control of their money,” as Agbeyegbe explained:

There are institutional and retail NGNT manufacturers active in the stellar DEX. There are currently NGNT pairs for USD, EUR, CNY, XLM, BTC.

Cowrie chose the Stellar Lumen network because of its speed. According to the Technical Director, transactions at Stellar Lumens take between 1 and 3 seconds, resulting in very low costs and great flexibility. In addition, the Stellar Lumens network enables the easy issuance of tokens, unlike other networks such as Ethereum, according to Agbeyegbe. Tokens issued in the Stellar Lumen Network can be exchanged immediately after issuance.

To use the Cowrie platform, users must purchase Stellar Lumens’ native network token, XLM. They must then go to one of Stellar’s decentralized exchanges and convert their XLM to NGNT. Afterwards, users can access all banks in Nigeria.

Many personalities in the crypto industry, such as Square Jack Dorsey’s CEO, have said that Africa could be the future scenario for the adoption of Bitcoin and other cryptocurrencies. Platforms like Cowrie could give Stellar an advantage over competitors such Ripple‘s XRP and its payment solutions.

In the following you can find the webinar about the Cowrie platform:

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Reynaldo Marquez has closely followed the growth of Bitcoin and blockchain technology since 2016. He has since worked as a columnist on crypto coins covering advances, falls and rises in the market, bifurcations and developments. He believes that crypto coins and blockchain technology will have a great positive impact on people's lives.

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