Cryptocurrencies are unregulated in the UK. Cryptocurrency profits may be subject to Capital Gains Tax. The value of investments is variable and can go down as well as up.
Stellar was started in 2014 by one of the founders of Ripple and operates in a very similar fashion to Ripple itself.
However, where Ripple is a product of Ripple Labs, a private company, aimed at the traditional banking system, Stellar is overseen by the not-for-profit Stellar Development Foundation and is designed to be an open and freely accessible system for transacting and exchanging both fiat and digital currencies by everyday people all over the world. (Stellar is often linked to the crypto drive to ‘bank the unbanked’).
Like Ripple, Stellar relies on a global network of trust nodes to continually check and re-check transactions on the ledger to ensure their accuracy. The Stellar network can process tens of thousands of transactions per second and uses less energy per transaction than Visa.
The native token of the Stellar network is the lumen (XLM). Lumens are used to cover the network’s minimal transaction fees and can also be used to provide extra liquidity if required to reconcile differences between two currency pools.
CoinJar’s digital currency exchange services are operated by CoinJar UK Limited (company number 8905988), registered by the Financial Conduct Authority as a Cryptoasset Exchange Provider and Custodian Wallet Provider in the United Kingdom under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, as amended (Firm Reference No. 928767).
Cryptoassets carry high risk. Due to the potential volatility of the cryptoasset markets, the value of your investments may fall significantly and lead to total loss. Cryptoassets are complex and are unregulated in the UK, and you are unable to access the Financial Service Compensation Scheme or the Financial Ombudsman Service. We use third party banking, safekeeping and payment providers, and the failure of any of these providers could also lead to a loss of your assets. We recommend you obtain financial advice before making a decision to use your credit card to purchase cryptoassets or to invest in cryptoassets. Capital Gains Tax may be payable on profits.
CoinJar Card is a prepaid Mastercard® issued by EML Money DAC pursuant to licence by Mastercard. The e-money associated with your card is issued by EML Money DAC, authorised by the Central Bank of Ireland under the European Union (Payment Services) Regulations 2018 (Ref C95957). We recommend you consider the CoinJar Card Terms and Conditions before making any decision to acquire the product. Mastercard the circles design are registered trademarks of Mastercard International Incorporated.
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