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Nigeria opens XLM payment

2020.06.24

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.

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

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.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.

Author : Reynaldo