Stellar Lumens based Startup Competes to Dominate Trillion Dollar Remittance MarketJanuary 14, 2020
Lightnet is a technology based on the Stellar Lumens blockchain, and its focus is to replace the current payment systems like Swift and Ripple. During the first financial round, Lightnet has raised 31.2 million.
Tridbodi Arunanondchai, Vice Chairman of Lightnet, stated that over the next three years, a total volume of 50 billion USD and more is the target.
Stellar Lumens Based Lightnet Vs. China and India
China and India are the target focus of Lightnet. The reason being both countries are the most populated in the world. The Lightnet Startup is based in Bangkok. The 31.2 million raised in the first financial round will be used to develop a software based on the Stellar Blockchain.
The Lightnet payment service will be particularly useful to migrant workers who are looking to send their hard-earned money home. Several migrant workers do not have a bank account, and this service from Lightnet can be useful to them.
Lightnet is focusing on providing three innovative solutions, the names of which are BridgeNet, LiquidNet, and SmartNet. The tasks for the main platform are already over. The first transaction is expected to be completed by the end of the first quarter this year. The company would be further collaborating with MoneyGram, Seven Bank, YeahKa, or Ksher in Japan to ensure further development of the ecosystem. The Stellar Lumens based Startup competes to dominate the trillion-dollar remittance market.
Will Stellar Lumens sustain Competition for its User – Lightnet
Of note, Ripple and Stellar Lumens are offering cross-border transactions for a low cost. Ripple has previously announced its focus on expanding in the Asian Market in 2020. The company is also working with MoneyGram to bring inefficient results.
In the recent financial plan proposed by Stellar Lumens for the next decade with the remaining SDF of 30 million XLM for a variety of purposes. How Stellar Lumens will compete versus Ripple and how the Startup will penetrate and establish itself in the market is something we are yet to witness.
Giants are competing for the Trillion Dollar Remittance market. Will Lightnet survive the competition? Probably, yes, considering they are backed by Stellar Lumens blockchain and the hard-working spirit of the team supporting the project.
At the time of reporting the news, Stellar Lumens was trading at $0.0480, and the 24-hour trading volume was at $129.69M. There are some partnerships, which eventually drive the price of the XLM. We need to see if the Lightnet use case will make a difference.