- Thai-based Lightnet will replace SWIFT with Stellar and Ripple
- The Blockchain startup has raised $31.2 million in its recent financing round
- Lightnet to facilitate $50 billion worth of transactions annually
Stellar Lumens News Today – Getting a reliable low-cost global remittance solution for immigrants looking to send funds to their families has become difficult. Existing solutions like SWIFT offers over the top charges and is relatively slow. This has been a challenge for users who require a more efficient service. The Stellar network can be used to provide this solution. Now one firm is looking to make things easier for those affected.
According to reports, a Thai-based Blockchain provider, Lightnet, is set to replace its SWIFT payment solution with Stellar. The Blockchain startup that just raised $31.2 million in VC funding is looking to attack existing systems like SWIFT. Lightnet’s recently raised capital will be used to build a Stellar based Blockchain solution which will replace SWIFT.
4 Billion Users will benefit from the Stellar-backed Technology
Some of the investors who raised the funds for Lightnet include UOB Venture Management, Uni-President Asset Holdings, HashKey Capital, Signum Capital, Hopeshine Ventures, Du Capital, Seven Bank, and Hanwha Investment & Securities. China and India are Lightnet’s largest target markets for its new Stellar-based solution. Together, China and India account for half of the global population.
Per the report, the reason Lightnet was founded was to revolutionize the global remittance market. Lightnet wants to help migrant workers who don’t have bank accounts and have to send money home to their families with old and overpriced remittance methods as well as long transaction times. The remittance market will gradually be taken over by Lightnet. It will eventually see the demise of existing systems like SWIFT. According to the vice-chairman of Lightnet, Tridbodi Arunanondchai, a volume of $50 billion will be handled by Lightnet in the next three years.
Lightnet Already offers BirdgeNet, SmartNet, and LiquidNet
Lightnet already offers three highly innovative payment solutions including BirdgeNet, SmartNet, and LiquidNet. The main platform has already been completed and the first of many transactions is expected to be completed by the conclusion of the quarter of this year. The report also adds that the Thai-based Blockchain solutions company plans to establish more collaborations with big entities like MoneyGram, Seven Bank, Ksher in Japan.
According to Lightnet, this will be done to make sure the ecosystem continues to grow and move in the right path. Ripple and Stellar provide cross-border payment solutions in real-time and low cost. Ripple has been working with MoneyGram since last year and the network has achieved strong results so far. Stellar recently presented a ten-year financial plan that calls for the rest of the 30 billion XLM, to be used for marketing, relationship development, and developer compensation.