LeFinance, a division of LeEco, a Chinese content provider, has teamed with the altcoin Stellar for cross-border payments and monitoring credits, according to a company blog. Stellar, a payment protocol and currency, aims to bridge the gap between cryptocurrencies and fiat by allowing instant exchanges between currencies. Jed McCaleb, the founder of Mt. Gox and e-Donkey, co-founder of Ripple, co-founded Stellar in 2014 and serves as its chief technical officer.
Stellar is a part of the “LeFinance Blockchain Lab” strategy, launched in March 2016 to deploy distributed technology across LeEco divisions.
LeFinance will use the Stellar network for cross-border payments and to monitor credits for use across its devices and platforms. LeFinance wants to offer customers a faster experience while providing a scalable and reliable accounting system for content in the cloud.
“As an Internet ecosystem company, we’re eager to use Stellar’s cutting-edge blockchain technology to enable a seamless experience for billions of customers,” said Wang Yongli, LeFinance CEO.
LeEco has products in television, virtual reality and mobile, as well as investments in autonomous vehicles, connected fitness and a film studio. The Le Pro3, LeEco’s latest mobile offering, topped 3.5 million preorders in China in 24 hours.
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“We’re thrilled to expand Stellar’s reach to China, and impressed by LeFinance’s forward-looking approach to product development and content delivery,” said McCaleb.
The LeFinance agreement is part of Stellar’s expansion in Asia and follows McCaleb’s keynote presentation at the Blockchain Summit in Shanghai in September 2016.
Both the Stellar payment protocol and the currency differ from bitcoin as there is no mining, but rather a node consensus network. In addition, the currency is inflationary in nature at a rate of 1% a year, CCN.com reported.
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Last modified: July 13, 2020 3:14 AM UTC