Multichain Support Is Finally Here! 🎉

April 7, 2022
Newton Team
April 7, 2022
Newton Team
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You can now withdraw $USDC on the #Stellar network!

Newton and the Stellar network now bring you an even more optimized cryptocurrency trading experience. Newton users can now trade USD Coin (USDC) with the same low-cost spreads, but with near-zero transaction costs and lightning fast settlement times—mere seconds—thanks to the power of Stellar. While the crypto world and decentralized finance (DeFi) have made massive growth strides, the infrastructure of the DeFi trading ecosystem has been struggling to catch up. Hours long transaction times and shockingly high trading fees have left crypto enthusiasts—from beginner to expert—frustrated and discouraged. Multichain support is an exciting and relieving solution to this less than optimal experience. 

What Is Multichain?

Multichain means certain coins (tokens) are available on multiple networks (chains). In a nutshell, your transactions can be supported through multiple network options, rather than just relying on one, which causes higher congestion, leading to longer wait times and higher transaction costs. Not only does Multichain support work around all those pain points, it puts more control in your hands—you choose the blockchain you want to use for your transactions.

Multichain Benefits

Lower gas fees, less congestion, faster transactions. ’Nuff said.

Who Is This For?

All Newton users get access to multichain support for USDC. Newton is, at time of writing, one of the first few crypto trading platforms to integrate multichain support. Not a Newton user yet? Sign up here.

What Does This Mean For You?

As a Newton user, you have access to multichain network support with USDC. This means low-cost, near-zero transaction fees and rapid settlement times that average around five seconds. You have the opportunity to move your funds more easily in the form of Stellar USDC, and convert nearly instantly into and out of the world’s cryptocurrencies. The best part is, you don’t have to change anything in your Newton account—it’s all there waiting for you.

Why Stellar?

The Stellar network was purpose-built and optimized for payments and asset issuance. Stellar is well-known and adopted by many because of its speed, cost, and accessibility, and because Stellar has implemented the USDC, a fully-reserved and trusted dollar digital currency issued by regulated financial institutions and governed by the Centre Consortium. 

The Stellar Development Foundation (SDF) supports the development and growth of the Stellar network. Founded in 2014, SDF helps maintain Stellar’s codebase, supports the technical and business communities building on the network, and serves as a voice to regulators and institutions. SDF seeks to create equitable access to the global financial system, using the Stellar network to unlock the world’s economic potential through blockchain technology. 

We’re thrilled to be able to provide you with access to this incredible network and functionality. Being blockchain agnostic is important—at Newton, our mission is to make funding and withdrawing crypto for Canadians easy, accessible, and low-cost by offering support for as many blockchains as possible.

We’ve worked hard to add this feature to your Newton transactions, and we’re so glad you’ve been along for the ride with us as we focus on keeping crypto trading as low-cost and accessible as possible for Canadians. As always, our team is ready to help you with any questions or concerns. We also love hearing your feedback! Tweet us or find us on Discord or Reddit.

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