Stellar blockchain Revives digital Payments for San Francisco, Colombia

• The integration of Stellar’s blockchain technology has been a game-changer for Colombia as it provides a secure and efficient method for financial transactions.
• This innovative approach enables the local workforce to receive payments without leaving their community.

In a major development, Colombia, a small town in San Francisco, is seeing a massive financial transformation happening through a crypto solution powered by the Stellar blockchain network.

San Francisco, Colombia, has long struggled with inadequate digital infrastructure, including the absence of traditional banking facilities. Australian entrepreneur Zach Borrowdale has now taken responsibility for helping the local community by building businesses and creating jobs. However, the lack of banking services posed a significant challenge when paying employees.

Borrowdale has been looking for a safer and more efficient payment solution. As a result, he’s exploring Decaf, a decentralized payment app co-founded by Rick and Fernanda Urduña Angel that leverages the Stellar blockchain to facilitate instant crypto transactions.

With Decaf, Borrowdale will be able to pay employees in digital U.S. dollars, later converted to Colombian pesos through partnerships with MoneyGram. This solution eliminates the need for cash transportation, which is risky, while providing the community with a stable and accessible financial system.

Crypto. Saves. Lives.

Still a skeptic? See the onchain effect of @Decaf_so, @StellarOrg, @MoneyGram, and @circle in Colombia. pic.twitter.com/iLjyFgSVff

— Stellar (@StellarOrg) August 8, 2024

Integrating Stellar’s blockchain technology has proven to be a game-changer for the town while offering a secure and effective method for financial transactions. As a result, the local workforce can now receive payments without leaving their community, opening up new economic opportunities and contributing to the town’s recovery and growth. Per the CNF report, the Stellar blockchain also focuses on real-world asset tokenization.

Stellar (XLM) Price Rally

Jed McCaleb, one of the co-founders of Ripple (XRP), created this Stellar blockchain network with XLM as its native cryptocurrency. He has the view of targeting retail users and banking the unbanked. Amid the positive development in the Ripple SEC lawsuit, per the CNF report, the XLM price also saw a strong rally this week. From the lows of $0.078, the Stellar (XLM) price has bounced back strongly above $0.10, with open interest surging significantly.

As visible in the above image, XLM’s open interest has surged to 31 million, highlighting the influx of strong money into XLM-related contracts. If the open interest remains high, the XM price can continue to surge from here. The recent Stellar price rally also comes against the backdrop of strong partnerships and adoptions, per the CNF report.

Simplex has announced that it will now support USDC on the Stellar network. Thanks to its collaboration with StellarOrg, customers can easily purchase USDC on Stellar and benefit from faster and cheaper transactions.