Lightyear, the brainchild of Stellar co-founder and CTO Jed McCaleb along with ex-Palantir executive Brit Yonge, launched out of stealth on May 11th. Part of the Stellar network open financial protocol, Lightyear aims to revolutionize the world of cross-border, cross-currency and cross-asset transactions by creating a universal global payment network.
The pair is hoping to play a disruptive role in the global payments space with Lightyear by aggressively pursuing a global mission of creating an open and public financial infrastructure, enabling greater access for individuals, lowering costs for banks and increasing revenue for businesses.
According to a research study by McKinsey Company, the global payments industry will generate an estimated $2.2 trillion in revenue by 2020. This represents a $400 billion increase over 2015 ($1.8 trillion) with an average growth rate of 5 percent.
The fuel behind Lightyear, Stellar, is backed by Stripe, the Bitcoin API that powers commerce for businesses of all sizes. Stellar counts some of the biggest names in fintech, such as Keith Rabois, previously EVP of Paypal and COO of Square, and Greg Brockman, previously CTO of Stripe, as board members.
Stellar’s open financial protocol allows for the settlement of transactions almost in
Read more ... source: Bitcoin Magazine
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