Stellar Lumens (XLM) is Now Available on Faast!
Tags: Stellar, Crypto, Xlm, Stellar Lumens, Faast

We are happy to announce that XLM is now fully supported by Faast! XLM surged in popularity during the 2017 bull market, and it has remained a top ten cryptocurrency by market cap most of the time since then. This fascinating project promises to revolutionize the way payments are sent and received by regular people around the world- with transaction rates so low, they’re practically free. In this announcement we’ll provide a brief overview of the Stellar Lumens project, and explain how you can begin trading XLM directly from your own wallet in seconds with Faast.

What is Stellar Lumens (XLM)?

Stellar Lumens is a global decentralized network for sending and receiving payments. “Lumens” or “XLM” serve as the native token for this network. The Stellar Foundation’s goal is to reduce the cost of sending and receiving money and increase financial inclusion by building a frictionless global payment system that cuts out the middleman.

It’s fair to say they’ve succeeded: with a typical transaction fee one millionth of $1 USD, moving money around with XLM is practically free. Transactions with XLM are also exceptionally fast. While we love Bitcoin, and don’t see it getting dethroned anytime soon, it’s pretty clear from a purely technical standpoint, there’s no comparison in terms of transaction cost.

Another area where Stellar Lumens stands out is leadership: the project benefits from one of the most impressive advisory boards in the industry, with names like Sam Altman (Y Combinator), Naval Ravikant (AngelList), Patrick Collinson (CEO of Stripe), just to name a few.

Stellar Lumens VS Ripple

In many ways, Stellar Lumens is similar to Ripple, and considering it’s origins, it’s not surprising. Stellar’s founder Jed McCaleb was actually the founder of RippleLabs, but parted ways with the organization due to technical and philosophical differences of opinion with the rest of the company’s leadership. He went on to found the Stellar Foundation in 2013, which unlike RippleLabs, is a nonprofit organization.

While functionally, the Stellar and Ripple have a lot in common, there are some notable differences. Stellar makes use a different consensus protocol (Stellar Consensus Protocol) and in terms of target market, the team behind Stellar focuses on serving ordinary people, including the millions of “unbanked” individuals in the developing world.

The Ripple project on the other hand is a for-profit venture which is focusing on forging partnerships with financial institutions and companies to eliminate inefficiencies, and reduce transaction times and costs between them. (To be clear, both XRP and XLM are available to anyone)

Essentially, both Ripple and Stellar are tackling the same problems, but going about it in different ways.

Stellar Lumens + Faast: The Best Way to Buy XLM

Buying XLM with Faast is really easy, and works the same as with any other cryptocurrency supported on Faast.

XLM is compatible with Trezor and Ledger brand hardware wallets, with are both supported by Faast.

To begin trading, simply connect your hardware wallet, visit https://faa.st/app/connect and select the wallet of your choice. Follow the prompts on your screen and your hardware wallet and in minutes, you’ll have access to the Faast portfolio management tool, where you can begin trading directly from your wallet.

You can also visit our swap page and copy and get XLM by pasting your sending and receiving addresses into our simple swapping tool.

Adding XLM to your crypto portfolio has never been this easy. We’ve built the easiest, most frictionless way to swap cryptocurrencies available to the public, and we’re thrilled to add XLM to our family of supported assets.

Visit our website today to started with Faast in seconds.