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Tempo Money Transfer, the French Blockchain-based fund transfer solution provider, has announced the introduction of its own cryptotoken. The EURO TEMPO Token (EURT), valued at EUR 1 per token was launched on Thursday.
With the new Euro Tempo token, the money transfer platform intends to reach out to more people, while making the fund transfer process easier and much faster. Tempo has already established itself as the largest Open P2P Blockchain Remittance Company, and by launching its own token over Stellar blockchain, the platform overcomes the high miner fees and slow transaction settlements plaguing the Bitcoin network.
The announcement about the new Euro Tempo token, use of Stellar Network, and overall advantages of the model was explained by the company in its recent press release. The company calls Stellar as an open network with “Distributed Exchange and Settlement” mechanism. In addition, the transaction charges on Stellar network stands at around “one penny per EUR 100,000”, which is quite attractive for people sending money across the world, reports Tempo.
The CTO of Tempo, Anthony Barker was quoted comparing the new Stellar based EURT with Tether and Bitcoin in the company’s press release. He said,
“Stellar provides many advantages over Omni protocol’s 20-minute settlement times and bitcoin blockchain’s high fees. With Stellar, clients can move funds in 3-5 seconds. Faster transaction speeds and minimal exchange fees for traders will allow for greater profits. One-to-one backing of funds in a fully secure and European audited escrow account will provide clients with the much-needed assurance that their funds are secure on the network”.
The use of blockchain assets pegged at a consistent value makes the use of EURT for both remittance and trading more profitable. Users will be able to spend the tokens directly over the blockchain for paying the bills and other expenses without exchanging it to fiat currency.
Tempo further states that the new EURT tokens can be traded for XLM (Stellar Lumen), Philippines Peso and Japanese Yen. The EURT comes with SEPA support, enabling European users to withdraw as fiat directly into their bank accounts.
There are many cryptocurrency powered remittance platforms operating across the world. These platforms offer quick, inexpensive service to the customers without them having to know the underlying mechanism for such transfers. Tempo is one of the few platforms to come up with its own dedicated token, which can also be used directly for P2P transfers and trading.
Ref: Tempo | Image: NewsBTC