Aug 04, 2014 02:13 AM EDT
A new digital currency and online payment method called Stellar has been launched by Stripe to challenge Bitcoin. The startup company based in San Francisco introduced the new currency on Thursday as its current technology allows businesses to accept payments online through a network that lets users exchange currency digitally, according to Forbes.
Its services already included currencies such as US Dollars, Euros, Pesos and Bitcoins. However, through this new feature, people would be able to transfer a currency across the globe and have the amount converted automatically into another. The feature is a type of an all-inclusive online service money exchange.
Stripe will initially give away Stellar online for free to introduce the nature of digital money to more people who are new to the idea and to allow those who are already familiar with how it works to experience their unique offerings with digital money. Of course, it's also a sure way to gain customers and clients in the quickest possible time.
The new digital currency was created by Stellar Development Foundation, which is a nonprofit company that was created by Patrick Collison, the CEO of Stripe, together with Jed McCaleb who is the co-founder of Ripple.
Venture Beat reports that an initial funding of $3 million was also given by Stripe to kick-start its new venture. Big names joined the foundation's board and its advisers, including ex-PayPal executive Keith Rabois, Naval Ravikant, an AngelList co-founder, YCombinator partner Sam Altman and CEO of Automatic Matt Mullenweg, etc.
Stellar aims to make the digital currency mainstream, which Bitcoin has not really attained so far. The creators plan to make the exchange of currencies online common language. Furthermore, the company also aims to make the money focused more on the people. There will be an initial amount of 100 billion stellars that will grow 1 percent per year.
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