Stronghold, a company that provides a distributed exchange platform built on the Stellar Network, has announced the release of a set of Stronghold Platform APIs which can be used to add to applications a variety of payment instruments including (but not limited to) Bitcoin, Ethereum, and Lumens. The APIs also allow applications to leverage Stronghold platform capabilities such as generate quotes, create and get accounts, and trade cryptocurrencies. The Stronghold platform is currently in Beta, and the APIs were originally private internal APIs.
“We realized that it made a lot more sense to polish them [the internal APIs] an extra 20 percent and make them public,” said Sean Bennett, Stronghold CTO and co-founder, in a prepared statement. “Most of the core functionality is basically set, but we’re developing new pieces, such as new features that will focus on compliance.”
The Stronghold platform is built on the Stellar Network which is an open-source infrastructure for distributed payments. The Stellar Network is included in the Stellar Protocol, and it is the technology that processes financial transactions. Stellar allows entities to handle payments in a highly decentralized way. According to the announcement, the Stronghold Platform APIs are asset-agnostic because the APIs “accept any Stellar token that has liquidity to Stronghold USD.”
“Using our APIs, you don’t need to understand crypto to accept crypto payments,” said Bennett in a prepared statement. “Previously, if you took cryptocurrency, you’d have to figure out a way to exchange it back to traditional currencies. People who access our API, however, can set prices in dollars and accept any crypto token on the Stellar platform.”