Tempo builds global payment network for cryptocurrencies

Tempo builds global payment network for cryptocurrencies

Tempo, the crypto payment network simplifying the exchange process from crypto to fiat, has just announced that it is creating a payment network of any licensed crypto exchange globally.

Operating on the Stellar DEX as the principal European anchor for Stellar, Tempo brings ease to crypto trading by facilitating the process on its online platform and mobile application. Whether purchasing crypto from the Tempo mobile app or at one of its 300 agent locations, Tempo brings crypto and fiat together.

Imagine having $5,000 worth of cryptocurrency, and over time watching its value decrease significantly without giving you the chance to liquidate the assets and see a return on your investment. For many token holders, the immediate reaction is to try to cash out before it drops any further, but unfortunately it might take days before this transaction is processed. This is a familiar scenario for a typical fiat backer. Exchange platforms allow trading for fiat, but cashing out is a multi-step process that can take days and more importantly cost backers money. In addition, many platforms require backers to transfer to Bitcoin or Ethereum tokens before they can cash out into a fiat currency. With Tempo’s mobile app and worldwide payment network, fiat owners can avoid Bitcoin ATMs and their large cash out fees.

Tempo uses the Stellar Network, an open-source distributed ledger for facilitating P2P payments, and Lightyear.io, a for-profit spinoff dedicated to helping big players integrate software. Tempo not only allows for fiat backers to exchange their crypto for cash immediately, but by offering a debit card, Tempo provides the ability to use cryptocurrencies to purchase goods and services. Tempo offers blockchain payments both offline and online, and crypto remittances to nearly 100 destination countries.

The existing Tempo remittance network allows Tempo to offer a quick cash-out process in multiple countries, said Jeff Phaneuf, President of Tempo. “We are now expanding to offer the easiest, fastest and most secure bridge between cash and crypto.

Tempo’s early integration with Stellar and role as EU anchor is revolutionizing international payments, making global payments faster, more reliable and less costly for clients”, added Jed McCaleb, CTO and Co-founder of Stellar Network.

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