Thai Stellar-Based Startup Lightnet Raises $31M to Replace SWIFT
Helen Partz's original article for cointelegraph.com reduced by 78%
Thai Stellar-based blockchain startup Lightnet has raised $31.2 million to boost cross-border payments in Southeast Asian countries. The Bangkok-headquartered firm has completed a Series A funding round led by major financial conglomerates in the region, Singaporean United Overseas Bank and South Korea's Hanwha Investment & Securities, Business Insider Malaysia reports Jan. 10.Stellar blockchain is used to replace "Inefficient" payment systems like SWIFTImplementing the Stellar blockchain, a major blockchain protocol that is used to operate eponymous cryptocurrency Stellar Lumens, Lightnet has a brave plan to replace established payment systems like SWIFT in Southeast Asian market, the report notes.
Chatchaval Jiaravanon, chairman at Lightnet, says that Lightnet is designed to offer low-cost and instant financial inclusivity and mobility to the "Four billion lives across Asia Pacific." Specifically, the firm is planning to promote financial mobility and inclusivity for the unbanked and underbanked Asians, the report notes. On its website, Lightnet is described as a "Frictionless settlement hub for the region to provide centralize real-time settlement." Lightnet CEO Suvicha Sudchai noted that Lightnet's primary platform has been completed so far, while the first transaction is scheduled for implementation for Q1 2020.Alongside the potential 500,000 cash agents across the ecosystem, Lightnet plans to integrate with a number of popular payment and remittance partners including American money transfer company MoneyGram. Lightnet is not alone with its plans to offer an alternative for cross-border transactions in the region though.
Previously, Ripple CEO Brad Garlinghouse criticized SWIFT for so-called "Transaction volatility," elaborating that such phenomenon means a "Calculation of time and volatility." In turn, SWIFT successfully piloted instant cross-border transfers in Asia in July 2019, claiming that the instant payment pilot performed payments taking up to 25 seconds, with the fastest taking 13 seconds.
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