TAIPEI, Aug. 1, 2024
/PRNewswire/ -- OwlTing Group, a global blockchain fintech company
headquartered in Taiwan, today
announced that its digital wallet solution, OwlPay® Wallet Pro (the
"Wallet") has integrated with the Stellar blockchain to support the
Stellar USDC stablecoin. The Wallet is now available
both for iOS and Android on Apple's App
Store and Google Play Store in the U.S., offering a legal,
compliant, and seamless cross-border transaction experience for
enterprises and individual users.
OwlPay® Wallet Pro supports the USDC
stablecoin on Stellar, along with five[1]
other major blockchains. The integration expands the reach of
OwlPay®'s payment platform through the Stellar network, which is
expected to continue its growth in the user base by tapping into
more than 8 million accounts on Stellar with over US$1.6B total payments volume for all real-world
assets.
This integration enables OwlPay® to join the
Stellar ecosystem and foster synergies among the leading developers
to bring most the world's main currencies together seamlessly on
one platform. This was incorporated by a strategic investment from
the Stellar Development Foundation (SDF). SDF's investment is part
of the recently closed financing round of the OwlTing Group raising
an aggregate amount in the eight figures in USD among investors
from the U.S., Japan, the U.K.,
and Taiwan.
Darren Wang,
Founder and CEO of OwlTing Group, expressed his excitement
about the dynamics, stating, "Our collaboration with the Stellar
Development Foundation marks a significant step forward for
OwlPay®. Integrating the Stellar blockchain into our Wallet opens
up access to Stellar network users in the U.S. This presents a
tremendous opportunity for OwlTing to expand our user base and
enhance our market presence. We are excited to leverage this
partnership to bring OwlTing's innovative cross-border payment
solutions to a broader community."
Beyond the wide geographical reach, a key
advantage of OwlPay® Wallet Pro would be staying compliant with
regulations. OwlTing currently holds Money Transmitter Licenses
(MTL) from 28 states[2] in the U.S., allowing it to
serve both corporate customers across 46 states and individuals in
these 28 states. The Company leverages AI-enhanced compliance
partners to implement measures for customer due diligence and
anti-money laundering, ensuring users to transact both fiat and
stablecoin with the Wallet properly.
Integrated with the Stellar network, OwlPay®
Wallet Pro offers another key advantage of streamlined transaction
process for users. OwlPay® users are not required to acquire
Stellar Lumens (XLM) to pay for the transaction expenses, such as
the account activation fee (Sponsored Reserves) and the transaction
fee (Fee-bump). Instead, those expenses are charged in fiat
currency, greatly simplifying the process and eliminating the need
to exchange fiat for another cryptocurrency.
To better transfer different financial assets
across regions or payment systems, Stellar allows
Anchors[3], entities that bridge their payment services
to the network to unite the fiat and digital asset economies, to
form a new global payment standard. This enables OwlPay® to offer
users an accessible entry into a state-licensed and secure
self-hosted payment wallet on the Stellar network, providing a
direct on-off ramp solution for sending and receiving stablecoins
within the U.S.
"Going forward, OwlTing is well-positioned to
become one of the Stellar Anchor Directory members," said
Darren Wang, "Through this
collaboration, OwlTing will join in the efforts of building a
global network with Stellar, empowering users to access
cross-border payments with a compliant and ready-to-use solution,
and to explore the possibilities of optimizing payment flows in the
Web3 environment."
About Stellar
Stellar is more than a blockchain. Powered by a
decentralized, fast, scalable, and uniquely
sustainable network made for financial products and services and a
thriving and passionate ecosystem that includes a non-profit
organization driven by a mission, Stellar is paving the path to
unlock the world's economic potential through blockchain
technology. Built with speed and low costs in mind, the Stellar
network provides builders and financial institutions worldwide a
platform to issue assets, and to send and convert currencies in
real time creating real world utility.
About the Stellar Development
Foundation
The Stellar Development Foundation (SDF) is a
non-profit organization that supports the development and growth of
Stellar, an open-source network that connects the world's financial
infrastructure. Founded in 2014, the Foundation helps maintain
Stellar's codebase, supports the technical and business communities
building on the network, and serves as a voice to regulators and
institutions. The Foundation seeks to create equitable access to
the global financial system, using the Stellar network to unlock
the world's economic potential through blockchain technology. For
more information, visit here.
About OwlPay® Wallet Pro
OwlPay® Wallet Pro is a self-hosted blockchain
wallet solution to empower enterprises and individuals, offering a
fast setup for a U.S. state-licensed and secure multi-currency
payment wallet for cross-border transactions. For more information,
visit here.
About OwlTing Group
Founded in 2010, OwlTing is a global blockchain
fintech company based in Taiwan
and has branch offices in the U.S., Japan, Singapore, Hong
Kong, Thailand, and
Malaysia. In 2022, it was selected
by KPMG and HSBC as "the Leading 3 Emerging Giants in Taiwan". With the mission to usher in the
digital transformation of traditional payment processes, while
ensuring legal compliance, OwlTing introduced OwlPay®, a Web2 and
Web3 hybrid payment solution, to empower global businesses to
operate confidently in the evolving digital landscape. For more
information, visit here.
Media Contact
PR Office at OwlTing
Group
pr_office@owlting.com
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[1] OwlPay®
Wallet Pro currently supports six blockchains including Stellar,
Ethereum, Polygon, Avalanche, Arbitrum, and Optimism.
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[2] As of
July 2024, OwlTing Group has obtained MTL licenses in 28 U.S.
states and is in the process of applying for relevant legal trading
licenses in other U.S. states, as well as in Japan, the EU,
Singapore, and Hong Kong. For a list of U.S. licenses obtained,
please see here.
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[3] An
anchor is a Stellar-specific term for the on and off-ramps that
connect the Stellar network to traditional financial rails, such as
a fintech company like OwlTing Group. Anchors accept users'
deposits of fiat currencies for receiving the equivalent digital
tokens on the Stellar network. Anchors also allow token holders to
redeem their tokens for the real-world assets they
represent.
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SOURCE OwlTing Group