After months of super hard work, we are glad to announce that we have reached a point where LALA & Stellar protocol integration process completes. We have signed NDA’s and agreements with various partner anchors of Stellar like Coins.Ph, TEMPO, MOIN etc. and are now in various stages of integration, documentation, and implementation.
Delivering a Stellar Product —LALA Transfer
We studied and considered almost every Blockchain for the remittance process for LALA over the last 8 months. Keeping our goal and vision of helping humanity and targeting the migrants and unbanked, we scrutinized several payment channels. We chose Stellar after several rounds of internal and external feedback because of its
• Negligible transaction fees of €0.000001
• Settlement times of 5s on average
And also because each payment would arrive directly from LALA Wallet sender to direct LALA Wallet receiver via your unique LALA ID acting as your full KYC — true peer-to-peer Satoshis vision.
Further, we have developed a white label Stellar platform solution, and we intend to work very closely with Stellar for helping other clients to use this platform in a plug and play fashion.
We have also developed algorithms and a central treasury desk to make markets between Fiat / LALA / XLM — an essential element of Stellar protocol that not many have been able to crack so far. We are immensely proud of the entire LALA team in delivering the results as expected.
In essence, LALA Transfer is a one-stop money transfer platform that combines traditional money transfer platforms (western union, transfer wise, express money etc.), Blockchain based remittance solutions (Stellar now and more to come later), aggregators of remittances, MTO’s (Money transfer operators) and new age money sending methods (USSD SMS, mobile vouchers etc.) all in one place to give best rates at different locations globally.
Product roadmaps and deliveries are also starting to roll out for other LALA Products. A detailed roadmap with updates will be out soon.
Stellar Network is an open-source Blockchain network which allows financial institutions and diverse payment services to be interoperable, making payments cheaper, more efficient, and faster.
LALA & Stellar protocol integration will open doors to the real people who need remittance services by utilizing Blockchain as a solution. This will open a wide range of opportunities for other partners and anchors as well, by using the LALA white label remittance solution.
With further testing and integration with couple more anchors, we expect to make live transactions within next 60 days. LALA TTokens will further ride with XLM as base market making currency providing a huge opportunity for LALA to be used widely.
In summary, LALA has yet again delivered what was promised.
1. LALA continues to make human life better by focusing on migrants and unbanked, and their families back home.
2. Stellar with their open source foundation, and almost nil fees advance our financial inclusion goals one step further.
3. LALA has developed white label solutions on top of Stellar — one of the best Blockchain payment solutions today.
4. Market making helps both LALA as well as XLM equally to make LALA widespread along with other products like LALA Lends and LALA Pay.
5. LALA ID becomes the global E-KYC standard across the unbanked population to deliver sustainable solutions to such communities.
Cross-border Remittance services coupled with LALA ID’s global E-KYC service is the centre of all LALA World’s offering. With the LALA & Stellar protocol integration, a strong foundation for the delivery of other services has been set, and we hope that this update would be a cause to rejoice for our community.
We are pushing ourselves to ensure that we can meet the gruelling timelines we have set. Our current processes and development positioned in sync and with our LALA partners, will only further strengthen the prowess of LALA. We believe that we are on track and couldn’t be more excited for what’s to come.
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Many thanks for being the driving force in this tough, but a meaningful journey!