8 Exciting Projects On The Stellar (XLM) Platform

The Stellar platform has witnessed a lot of attention as of late; and in the midst of a down market has held strong in its ratio against Bitcoin. One reason for the excitement behind Stellar are the projects being created that are using its platform.

LIONBITEthereum has been credited for opening a new horizon for all sort of blockchain oriented applications, Stellar, on the other hand, has earned credibility through projects like those below, keeping its reputation strong as a powerful player in the crypto space.

Below are eight projects to get you excited on the stellar platform.

1. The IBM Universal Payment Solution

Leading technology giant IBM is using the Stellar network to give more transparency into their payment structure. Though the tech giant has partnered with lots of banks of all sorts, private and federal and state-backed including central banks, especially in the Asian Pacific region, it’s looking to see what Stellar can provide for it.

According to the head of Blockchain solutions at the firm, Jesse Lund, the company is close to helping a central bank move paper money onto the Stellar blockchain network.

Analysts have envisaged that the Stellar/IBM partnership could eventually replace the SWIFT/IBAN payment infrastructure as a global standard. If this happens, it will have a big impact on the XLM cryptocurrency in a great way.

2. Veridium

Veridium is in partnership with both the IBM and Stellar to tokenize the carbon credit market globally. The new start is bent on incorporating their native token, VERDE with the trading platforms that deal with oil and gas, in a bid to automate the process of offsetting carbon emissions.

This means that, when an individual or an establishment make a purchase, they have the option to purchase a corresponding amount of carbon credit to offset their activities. For big corporations and established institutions, it could serve as a basis for achieving carbon neutrality. It can also help with achieving environmental accountability among others.

3. Stellar X

In its bid to become a major player and an authority in the peer-to-peer decentralized exchange industry, Stellar X is putting all hands on deck to create a great user experience.

Having Stellar behind it brings some concern on the “decentralized” aspect, but if it can be a great exchange it could boost Stellar and DEX’s range of activity.

The major feature could give it an edge against other DEX platforms as its been able to leverage the Stellar Anchor Network.

TIP4. Open Garden

Open Garden allows its users to turn their phone into a Wi-Fi hotspot and get paid in Lumens for data used.

It may not pan out in USA and Europe, but fits perfectly into Stellar Market Base, since its target is mostly places where internet connectivity isn’t available to most people.

5. TillBilly

The platform is planning on establishing a thoroughbred point-of-sale service on the Stellar Network. This would be way cheaper if weighed against credit and debit cards and Apple pay, while automatically calculating loyalty points.

To ease the burden of the paper receipt, the platform will offer a digital alternative to rid this issue.

6. Slice

Real Estate is a hit with investors of all kinds. Since its relatively risky to buy real estate in a foreign country with lots of rules and regulations, Slice is tokenizing real estate projects previously only accessible to institutions that are established in the U.S.

Though the competition is rife in this market and real estate worldwide, Slice is pretty confident of its survival.

7. Sure Remit

Africa is a big market, and the number of Africans abroad means that they will have to send money home. Sure Remit is a remittance network that Africans can use to send money home to their loved ones. It has also partnered with Stellar, with branches in Kenya, Rwanda and other African countries. Africa is said to be its biggest Market, with billions of dollars sent home by Africans abroad, every yearly.

It can also be used to pay utility bills online and also e-shops.

8. SmartLands

SmartLands is all about tokenizing agricultural lands on the Stellar Network. This is a point in the right direction, as cryptocurrency is gradually fazing away fiat currency, and enabling the use of cryptocurrencies for acquiring landed properties. It’s a foresight that could pay off with great dividend if cryptocurrencies become valuable enough to reach rural and agricultural investment and developments.


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Stellar Lumens (XLM) and Bitcoin Boost from IBM Spurs the Crypto Market!

Since IBM announced they are supporting a stable coin affiliated to the USD, there have been a lot of gains in the market but Stellar Lumens (XLM) and Bitcoin (BTC) are the major beneficiaries. The IBM and Stronghold support is now taking shape and the new Stable coin will ride on the Stellar ecosystem.



IBM will make the stablecoin help its clients by monetizing their products and technologies going forward. This will boost bot Stellar and Bitcoin. Since the announcement was made public five days ago, XLM price has gone up by over 50% while Bitcoin has gained 19%. If the boost is anything to write home about, this could be a major breakout for XLM.
Asset Bases Stronghold USD and Stellar XLM

The stronghold USD token asset will be in a ratio of 1:1 in value to the green buck once deployed on the Stella network. To many crypto-sphere analysts, this will add the much needed liquidity in the market going into the future. The beauty of the arrangement is that the tokes will be under the custody of a state backed trust firm.

This arrangement is set to enable financial establishments get secure access to the digital coin arena. According to Sean Bennett, the CTO and co-founder of Stronghold:
“The process for seamlessly managing and trading assets of any form from digital to traditional currencies, needs to evolve as financial institutions are seeking ways to break into new asset classes like cryptocurrencies. Asset-backed tokens can provide seamless access to all currencies, improving the global movement of money.”

However, Jed McCaleb who is Stella co-founder added that the partnership will yield increased adoption and offer XLM a bigger global reach. There is a lot of focus on the Stellar network and the additional trust from IBM will turn out to be the best price and value boost that the platform has been missing.

https://www.avinoc.com/tokensale

The introduction neither of Stronghold token is a great step forward nor only for the Stellar ecosystem but the entire crypto verse. The beauty of the deal is that Stellar is not competing with convectional banking outfits but rather complementing them. With widespread adoption, each participant will benefit and the blockchain usability will gain more trust.

Stellar Lumens (XLM) will give IBM the cryptocurrency usability it lacks will the Stronghold USD will provide the stability the tech company needs and cushion it against the volatility of digital assets. Banks and merchants have been shying from crypto adoption and this could turn out to give them the confidence that has been lacking.

With the cryptocurrency market thriving, the usability of XLM will come in handy for IBM to grow its market share. This will in turn change the banking sector focus from Ripple to Stellar, a move that will shake the existing competition between the two blockchain outfits.
“The digitization of real-world assets using blockchain can dramatically transform many forms of financial transactions conducted around the world. “New types of fiat-backed instruments, like Stronghold’s USD, have the potential to improve the backbone of international banking operations and payments’, giving banks an easier way to integrate with public blockchain networks without significant changes to their core banking and compliance infrastructure”, adds Jesse Lund, blockchain president at IBM.

Stellar Lumens seems to be basking on the limelight and still trading in the green for the last 24 hours and this could continue towards the end of the year. Many investors appear to be flooding to stake on XLM and this could mean a stable price and increased value.

At the time of reporting, the Stellar Lumens (XLM) was trading at $0.294921 after marginally gaining against the dollar and Bitcoin by 3.63% and 2.22% respectively. Bitcoin on the other hand is also trading on the green just shy of the $7,500 mark since the announcement and the ripple effect is being felt across the entire market.


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Coinbase is Exploring Cardano, Basic Attention Token, Stellar Lumens, Zcash, and 0x

We are exploring the addition of several new assets, and will be working with local banks and regulators to add them in as many jurisdictions as possible.



Today we are announcing that we’re exploring the addition of the following assets to Coinbase:

• Cardano (ADA)
• Basic Attention Token (BAT)
• Stellar Lumens (XLM)
• Zcash (ZEC)
• 0x (ZRX)

We are making this announcement internally at Coinbase and to the public at the same time to remain transparent with our customers about support for future assets.

Unlike the ongoing process of adding Ethereum Classic, which is technically very similar to Ethereum, these assets will require additional exploratory work and we cannot guarantee they will be listed for trading. Furthermore, our listing process may result in some of these assets being listed solely for customers to buy and sell, without the ability to send or receive using a local wallet. We may also only enable certain ways to interact with these assets through our site, such as supporting only deposits and withdrawals from transparent Zcash addresses. Finally, some of these assets may be offered in other jurisdictions prior to being listed in the US.

As part of the exploratory process, customers may see public-facing APIs and other signs that we are conducting engineering work to support these assets. While we cannot commit to when or whether these assets will become available at this time, we will provide updates to our customers about the process and what they can expect via the Coinbase blog and Twitter.

Going forward, you should expect that we will make similar announcements about exploring the addition of multiple assets. Some of these assets may become available everywhere, while others may only be supported in specific jurisdictions.

Frequently Asked Questions

Q: Can you tell me more about these assets?

You can find information on the assets being explored at their respective websites:

• Cardano (ADA)
• Basic Attention Token (BAT)
• Stellar Lumens (XLM)
• Zcash (ZEC)
• 0x (ZRX)

Q: Why explore these assets at this time?

In evaluating these assets for exploration, we relied as much as possible on the criteria in our published Digital Asset Framework, but found that many of the criteria required communication with external parties to fully evaluate. Regardless, here’s what we found notable about each of these assets.

Cardano (ADA)

The Cardano protocol was created by Charles Hoskinson, one of the co-founders of Ethereum. Cardano’s Bitcoin-like Settlement Layer (CSL) mainnet is live and it has a functional wallet for its built-in ADA cryptocurrency. It has also taken a different technical direction from other blockchains on several axes, like its Ouroboros proof-of-stake algorithm, its use of Haskell, and its focus on formal verification. While Cardano’s Computation Layer (CCL) is not yet live, the project has published long-term roadmaps, has shipped working software, and appears to have a growing community.

Basic Attention Token (BAT)

The Basic Attention Token (BAT) is the internal token of the Brave browser. The initial purpose of the BAT is to allow advertisers to pay for user attention when they view ads via Brave, but it can potentially be used as a general digital currency for Brave user interactions with arbitrary websites. Brave announced that they have recently passed 3 million monthly users and are in the top 10 list in the Google Play store in more than 20 countries. More than 18,000 verified publishers are using Brave across 4,500 websites and 13,500 YouTube and Twitch streamer accounts. The CEO of Brave is Brendan Eich, the inventor of JavaScript and co-founder of Mozilla and Firefox, and the company is funded by Founders Fund and Digital Currency Group, among others.

Stellar Lumens (XLM)

Stellar is an open-source protocol for value exchange developed by Stanford CS professor David Mazieres, Rust language author Graydon Hoare, and Jed McCaleb. Lumens (XLM) are the native asset of the Stellar network. Stellar’s consensus protocol is different from proof-of-work in that it allows and requires individual nodes to choose the set of other nodes they trust as a group (a “quorum slice”) to give them accurate information about the state of the Stellar network. Stellar allows for the creation of anchors that can issue assets, use bridge servers to interface with existing banks, and follow Stellar’s compliance protocol.

Initially funded by Stripe, Stellar’s board members include Khosla Ventures partner Keith Rabois, Stripe cofounder Patrick Collison, WordPress founder Matt Mullenweg, YCombinator President Sam Altman, MIT DCI head Joi Ito, and AngelList founder Naval Ravikant.

Zcash (ZEC)

Zcash is a cryptocurrency which uses recent advances in cryptography to allow users to protect the privacy of transactions at their discretion. The distinction between Zcash’s “transparent” and “shielded” transactions is analogous to the distinction between unencrypted HTTP and encrypted HTTPS. In both cases, the unencrypted/transparent version of the protocol allows third parties to see metadata associated with the communication or transaction, while the encrypted/shielded version protects this information. The Zcash protocol has been live since 2016 and the development team has published technical improvements that may reduce the memory consumption associated with transaction privacy by 98%.

0x (ZRX)

0x is an open protocol that allows ERC20 tokens to be traded on the Ethereum blockchain. ZRX is the native utility token of the 0x protocol, and several dozen independent projects have been built with the 0x technology, including relays and decentralized exchanges with tens of millions of dollars in collective transaction volume to date. The project has shipped a number of tools for developers, including JavaScript, Solidity, and Web3 libraries, and has mostly adhered to the roadmap outlined in their whitepaper.

Q: What is the status on adding Ethereum Classic (ETC)?

We are underway with engineering work to add Ethereum Classic (ETC), and it is proceeding as planned. We are making this announcement so that we can begin the next phase of work to explore adding more assets to the platform.

Q: What is the status on adding Ethereum Classic (ETC)?

We are underway with engineering work to add Ethereum Classic (ETC), and it is proceeding as planned. We are making this announcement so that we can begin the next phase of work to explore adding more assets to the platform.

Q: What is the status on adding ERC-20 assets?

We announced our general intention to support ERC20 assets in March. The BAT and ZRX assets are the first specific ERC20-based assets we are exploring for addition to the platform.

Q: How will you decide what countries to launch these assets in?

Regional support will depend on a case-by-case analysis that looks to legal, compliance, and other factors that are relevant to that jurisdiction. In some cases, you should expect certain assets to be available in other jurisdictions before coming to the US.

Q: Does this mean Coinbase has deemed these assets to not be securities under a particular country’s laws?

No. That legal analysis is ongoing and will vary by jurisdiction. As we only plan to launch assets which are compliant with local law, some assets may only be available in specific jurisdictions.

Q: Why is this just an exploration, rather than an announcement that Coinbase is adding these assets?

In an effort to be as open and transparent as possible, we’re announcing that our teams are exploring the feasibility of supporting these assets. This is consistent with our process for adding new assets. But unlike Ethereum Classic, which is technically very similar to Ethereum, these assets will require additional exploratory work that may result in one or more of them being listed only in specific.

Q: Which Coinbase platforms will support these assets?

We have not made this determination at this time, but we hope to offer support for each asset across the widest variety of products in each jurisdiction.


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Stellar Lumens (XLM) Could Be On The Verge Of A Massive Breakout

Stellar Lumens (XLM) is currently at a very interesting point where it can be expected to record massive gains from here on out. The last time Stellar (XLM) had a similar price action; it made a 33x move! As the current market correction draws to an end, Stellar (XLM) looks all set to lead the altcoin rally from this point. The question is, “What will trigger this massive rally?”



Stellar Chart With Values

There is an easy answer to that and there is a more complex answer to this. The easy and obvious explanation is that Stellar Lumens (XLM) is a lot like Ripple (XRP) in terms of price action. It has also had a similar correction. So, if the market were to recover from this point, Stellar (XLM) could be expected to recover most of its losses as well as mark new highs as part of the new altcoin rally. The trend line for Stellar (XLM) since the beginning of the year has held so far and points to green days in the near future.

The more sophisticated explanation as to why Stellar (XLM) could record such massive gains is the fact that Stellar (XLM) is Payment 2.0. It has one of the fastest transaction confirmation times of just a few seconds. Now, some might argue that this puts it close to Ripple (XRP), below Ripple (XRP) or above Ripple (XRP). However, the fact remains that Ripple (XRP) and Stellar (XLM) serve two distinct markets and completely different purposes. Stellar (XLM) is supposed to be a peer to peer payment platform to directly connect two or more parties. In other words, Stellar (XLM) empowers people to be their own bank and exchange value among themselves without the need for a middle man.

.Speaking of middlemen, the purpose of Ripple (XRP) is to empower financial institutions that serve as intermediaries for online transactions and cross border payments. In other words, Ripple (XRP) wants to empower banks instead of the people. Perhaps this is why many in the crypto community see Stellar (XLM) as a better investment compared to Ripple (XRP), especially with the legal trouble Ripple (the company) currently is in as well as the future prospects and actual use of its XRP tokens.

Stellar Chart With Values

When Bitcoin (BTC) first came into existence, many crypto enthusiasts thought it is going to replace fiat currency and serve as a universal mode of payment. It is still possible considering Bitcoin (BTC) is widely accepted, recognized and respected. However, the current market cap of Bitcoin (BTC) makes it unstable to serve as a mode of payment due to wide price fluctuations. Some day when Bitcoin (BTC) market cap is in trillions of dollars, maybe fluctuations will decrease. However, considering how Bitcoin (BTC) has succeeded in becoming more of a store of value (as digital gold) rather than a mode of payment, projects like Stellar (XLM) have a better shot at being used as mode of payment. Stellar (XLM) continues to trade in falling wedge on the XLM/BTC daily chart and is likely to break out in the days ahead.


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Stellar (XLM) and Ripple (XRP) Winning in Unique Styles

Stellar (XLM) and Ripple (XRP) these two have unique architectural designs that can make them thrive together.With the number of Altcoins ballooning every day, competition appears to be taking shape in. however, for the crypto dwarf; the competition tends to deter new adopters from testing the waters. This however is not the scenario between Stellar (XLM) and Ripple (XRP).

The two coins are not actually competing against each other; each a clear cut route and target niche. Their co-existence has been proven by investors who hold both coins. However, staunch XLM holders look upon their XRP counterparts as a threat to the growth of their subscriber bases. The fact is, the two coins can exist and still win in the market in their own unique styles.



XLM and XRP Market Niche and Pricing
XLM and XRP coins are lowly priced which is ideal for mass adoption. With the growing crypto verse ach coin is charting their market entry and the investor is only interested in the value proposition at the end of the day. The growing number of Altcoins is because the original coin, BTC, had many shortfalls and these new coins seek to seal these loopholes and XLM and XRP has stood out of the crowd with real world use cases.

Both coins target the masses using the existing banking establishments and so far, there are not conflicts in terms of products and audience targeting. The consumer on the other hand is crypto sensitized and know their needs and aspirations. The user is looking at the face value of each coin from the long-term investment perspective and not just the current price.

The two coins present an enticing entry point for the ordinary and institutional digital asset investor. The lasts 24 trading session has seen the XLM price stand at $0.210669 backed by $3.9 for its market cap. XRP was being quoted at $0.490484 with market dominance of $19.3billion. By looking at these figures, the value of XRP is greater than the XLM one with a superior market cap.

With this kind of balance, there are no rivalries between the two. Ripple (XRP) has been appreciated by the banks as an outfit that seeks to solve real world banking problems. This has seen more than 75 banking establishments come onboard the platform this year alone. This support means XRP products are adding value to the sector and this is propping the coin towards its winning ways.

Stellar (XLM) has its own supporting partnerships but has not made a lot of impact with its strategic collaborations. However, the Stellar partnership is different from that of Ripple and these are giving Stellar the trust and confidence an investor looks for in a digital coin. Stellar partnership gains are long term and a good example is the IBM partnership.

What Sets Stellar and Ripple Apart?
The teams behind the two digital coin outfits are different with Stellar comprising of entrepreneurs and focusing on startups while Ripple team is drawn from the banks. These two backgrounds might seem worlds apart but they are more complementary than competing.

Many crypto analysts see Ripple (XRP) as a virtual coin that is poised to attain the global currency status in the future. The coin beats Stellar in terms of market reach and global appeal but this is a gap that XLM is working towards bridging very soon. Ripple has always gained a lot of social media attention for the various reasons while Stellar work behind the scenes.

Stellar (XLM) is a sleeping giant and appears to have smelt the coffee and has been very active of late. The platform is still under development and there is more that needs to be done before it attains Ripple status. The two coin coexistence remains healthy and they are not 100% perfect. The digital coin investor has the final say as to which coin becomes an instant it going into the future.


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Stellar Lumens [XLM] now has a universal marketplace called StellarX

StellarX, is a shared universal marketplace based on Stellar. StellarX is free, quick and it rundowns each feature of seamless exchanges be it crypto, fiat, bonds or commodities.
StellarX allows its users to live the inter-chain dream of swapping municipal bonds for XLM while the transactions are settled in seconds. The platform permits its users to trade directly from their own wallet, and one can deposit or redeem off-chain assets.



StellarX is built on the open Stellar order book, which indicates that exchanges, miners or any individual cannot take a share from the transactions held. StellarX is a fully peer-to-peer and trader-to-trader based platform.

Since Stellar network fees are low, it is completely free to trade on StellarX considering the minimal transactional fee is refunded by the team of StellarX to its traders. Stellar’s automatic 1% APR inflation is also offered to the users by StellarX. Which results in no weekly airdrops being signed to them; rather the users who sign up on StellarX get a pro-rata XLM on every Tuesday.

StellarX on their official Medium announcement have said:
“Since StellarX is the first complete client for Stellar, we support every last token issued to the network, all 2500+ of them, including dankness like eQuid (GBP tether or digital cephalopod, who can say?) and something calling itself “charna token”.”

Recently, the blockchain based phone network, YOVO which is completely built on the Stellar network announced to be relocated to Malta, where they plan to take their project ahead, making the usage of XLM’s network broader.

Stellar lumens has been and still is a part of some major, revolutionary projects. One such project is its collaboration with IBM.


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Crypto News Flash: Stellar (XLM), Tron (TRX), Ripple (XRP), EOS, Cardano (ADA), Monaco (MCO)

From a Stellar trading app to new crypto credit cards, here are some of the stories breaking in the world of cryptocurrency.

Cardano

Cardano says a partnership between Emurgo and Metaps Plus is on track to launch in Q3 of this year. The deal will allow more than 33,000 stores in South Korea to accept ADA as a form of payment.



Tron

Cryptocurrency exchange BJEX says it finished migrating its customers’ TRX ERC20 tokens to the new Tron blockchain and has reopened deposits and withdrawals. Meanwhile, Huobi Pro has also made progress in its migration and says deposits are up and running, but not withdrawals.

TRON mainnet upgrade has been completed. Deposit will be available from July 4, 6PM (GMT+8). TRON withdrawal service has been disabled, kindly stay tuned to our announcement for updates.

Discover👉https://t.co/ri5utIy3Qg@Tronfoundation @justinsuntron #HuobiPro $TRX pic.twitter.com/ZWr7MbtMdu

— Huobi Pro (@Huobi_Pro) July 4, 2018

EOS

The former CEO of a top global investment banking company will lead the $1-billion venture capital division at EOS. Michael Alexander led Jefferies Asia for eight years, and will manage both direct investments and partnerships at EOS.

Stellar

The co-founder of Stellar has announced the “first full-featured trading app for Stellar’s universal marketplace.” StellarX promises to offer zero trading fees and “list every asset class imaginable” including fiat, crypto and bonds.

Announcing StellarX! A user-friendly and totally free place to trade on @StellarOrg’s universal marketplace. https://t.co/tPNYGY2qe0

You trade on-chain. We refund all network fees. Swap crypto, fiat, commodities, whatever.

Get an invite here: https://t.co/CVSogvKJGE

— StellarX (@stellarxhq) July 5, 2018

Ripple

Ripple is launching a new web series to “cover the latest news about Ripple’s customers, technology, products and culture.” Videos will be released twice a month. The first one features Catherine Coley, head of XRP Institutional Liquidity, and centres on the importance of liquidity.

Monaco

Monaco says it’s received its first batch of working Monaco Visa cards from its hardware manufacturer. The company has released a couple of videos showing how the card can be used to let you easily spend cryptocurrency wherever Visa is accepted.


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Stellar News Today: Stellar Upgrade May Incite Adoption And Increment In Price of the Stellar Lumens (XLM) Token

Last week, investors were quite displeased about the decline of the market. They were, however, expecting the market to recover when Japan announced that it is stiffening its noose of cryptocurrency regulations. The news has resulted in the further plummeting of the market as many institutional investors have suspended all plans to invest in the market. But the Stellar upgrade might just change all of that.



Stellar (XLM) Price Today / USD

Crypto Currency Price 24H Changes
Bitcoin (BTC)
5901.77
-3.21%
Stellar (XLM)
0.175962
-7.02%

For some time now, not much has been said about Stellar as many investors had lost hope on the coin after the January market crash. Surprisingly, Stellar revealed their plans to pump $500million into buying Chain. Apart from its plan to purchase Chain, there are many other impressive updates on Stellar that investors will be pleased to hear.

Stellar Upgrade To Address Poor Market Performance

Before January, Stellar (XLM) was doing just fine in the market as it was reported to have crossed the 15 billion market cap mark. However, the market plummeted early in the year, causing investors to pull out. The Stellar development team who are on a mission to revive the glory of the coin have promised that better days are ahead for investors.

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Stellar is soon to launch the USD Anchor Network which will enable XLM holders to interact with the USD directly.

The native Stellar exchange soon to be completed by the development team will make XLM one of the best in the market, increase pairings as well as the volumes to the market.

Reputable Institutions Show Support for Stellar (XLM)

The announcement by Stellar to purchase Chain indicates that they are ready to go mainstream. Chain has been in business for quite some time and is known for its prowess in blockchain technologies. No doubt, acquiring Chain would make the Stellar network stronger and bring about growth. Global brands like VISA, Citi Ventures and NASDAQ, have shown their support for the move by Stellar.



Stellar Upgrade Will Lead to an Upsurge In Price

After last week’s lacklustre market performance, many Altcoins dropped significantly in price. Stellar (XLM) seems to be bouncing back gradually.

Stellar (XLM) coin currently ranks Number 7 by market cap and has been trading $0.188052. However, if the Network succeeds in purchasing Chain, XLM will increase in value by the end of the year, and more meaningful gains will be realised.


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Stellar Lumens Cryptocurrency Approved for Trading in New York for the First Time

New York financial regulators have approved Stellar Lumens, a cryptocurrency created by the founder of rival blockchain company Ripple, to trade on the itBit exchange—the first time the state’s authorities have given Lumens the green light.


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ItBit, a cryptocurrency trading platform designed for institutional investors that previously only offered Bitcoin trading, also received approval from New York’s Department of Financial Services Thursday to add Bitcoin Cash, Ethereum, and Litecoin to its exchange. The virtual currency company was also the first in the industry to be granted a banking law charter from NYDFS three years ago—an authorization similar to, but broader than, New York’s famed BitLicense, required for companies wishing to offer trading of, or hold on to, cryptocurrencies for customers in the state.

NYDFS simultaneously announced that it had awarded a BitLicense to Xapo, a Bitcoin storage company with an underground vault in the Swiss Alps—only the sixth BitLicense granted since the certification was invented three years ago.

The approval of Stellar Lumens—now the seventh or eighth most valuable cryptocurrency with a market capitalization of more than $4.3 billion—is significant, because it signals that regulators don’t view the virtual currency as a security (akin to a stock or bond), a dreaded designation which would require registration as a broker-dealer with the U.S. Securities and Exchange Commission.

“That’s why we’ve added them to the exchange,” Chad Cascarilla, co-founder and CEO of itBit’s parent company Paxos, [said]. “If they were a security, you’d have to go through a different process.”

The move potentially clears the way for more exchanges to list Lumens, a factor that could help boost the cryptocurrency’s price. Coinbase, the leading U.S. cryptocurrency exchange, which currently offers trading in Bitcoin, Bitcoin Cash, Ethereum and Litecoin, announced this week it would add Ethereum Classic to its offerings, sending the price of that digital currency soaring 20%.

Lumens were created by a company called Stellar, founded in 2014 by Jed McCaleb, who also started Ripple and the now-defunct Bitcoin exchange Mt. Gox. With funding from payments company Stripe, Stellar’s blockchain (or distributed ledger) technology is now used by companies from messaging startup Kik to IBM, which uses Lumens to send payments between countries in the South Pacific region.

The Stellar Lumens price rose more than 5% ahead of itBit’s news to about 24 cents, amid a bounce-back rally in the wider cryptocurrency market after a selloff earlier this week.

ItBit sought approval for the additional four cryptocurrencies because “these were the ones we heard from our customers they wanted the most,” Cascarilla said. It has not yet applied to trade any other virtual currencies, but plans to add more in the future, including possibly the cryptocurrency created by Ripple, XRP, he said.

“We clearly want to get to the top 10, top 20 assets over time,” Cascarilla added.

 

 

The announcement follows a $65 million Series B funding round Paxos, itBit’s parent company, closed earlier this month, bringing its total venture capital raised to $95 million. itBit claims to be the nation’s No. 2 player for U.S. dollar-Bitcoin trades, behind the leader Coinbase.

While other cryptocurrency exchanges licensed to operate in New York, including Coinbase and Circle, have sought to attract individual retail investors, itBit plans to stay in the higher-end institutional market, focusing mostly on hedge funds, private equity firms, and other Wall Street players, as well as wealthy individuals.

The company plans to expand its role as a custodian—a service to securely hold on to large sums of cryptocurrency assets for institutional clients—and also introduce new features, including collateral services, allowing customers to pledge their cryptocurrency holdings as a sort of guarantee when trading other risky assets, such as derivatives.

Cryptocurrency custodianship has been in demand recently from Wall Street investors looking for a way to enter the digital asset market that meets their strict compliance standards. Coinbase, for one, is rolling out its own such custody service for heavyweight investors.

That interest gives Cascarilla confidence, despite the plunge in cryptocurrency prices of late, with Bitcoin down nearly 70% from its December high.

“The interest and the adoption from institutions and large firms that have a lot of credibility is very real,” he said. “That might not be reflected in the price today, but from what I see, will certainly be changing the landscape over the next six to 12 months.”



Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!
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Author: Jen Wieczner
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Price Watch June : Stellar Lumens, Cardano, TRON and EOS

At press time, the cryptocurrency market cap is back up to $333 billion after briefly falling to $324 billion during yesterday’s afternoon hours. Many digital assets are in the green, with major entities like Bitcoin increasing by roughly $200 and reaching the $7,500 mark – a figure it was previously trading at during Tuesday evening.



Stellar

Currently ranked #8 by market cap, is up 3.51% over the past 24 hours. XLM has a market cap of $5.47B with a 24 hour volume of $80.6M.

Binance, one of the largest trading platforms in the crypto space, announced a new trading pair on May 31: Stellar Lumens and Tether.

In addition, Stellar has announced registrations for the upcoming Stellar Build Challenge will be opening very soon.

Stellar is up 3.51% over the past 24 hours.

Cardano

Currently ranked #7 by market cap, is up 3.96% over the past 24 hours. ADA has a market cap of $5.82B with a 24 hour volume of $192.61M.

Cardano released its first smart contracts testnet. The announcement was made by IOHK, the engineering company behind the design and development of Cardano. The testnet is set to play a key role in turning Cardano into a complete ecosystem.

The new testnet is set to accelerate the growth of the Cardano project, as developers will be able to take any application that runs on the Ethereum Virtual Machine and execute it on the KEVM.

Cardano is up 3.96% over the past 24 hours.

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EOS

Currently ranked #5 by market cap, is down 1.16% over the past 24 hours. EOS has a market cap of $10.95B with a 24 hour volume of $1.12B.

Block.one – the developer behind EOS – is now on track to raise more than $4 billion through a year-long initial coin offering (ICO) of EOS digital tokens. The EOS crowdsale is the largest and longest ICO to date.

At press time, it’s unclear how Block.one plans to spend the money has raised, though the company mentioned it’s looking at potentially building a platform for hosting web applications. Executives also announced they are considering placing up to $1 billion into startups that are either invested in or building on EOS.

EOS is down 1.16% over the past 24 hours.

TRON

Currently ranked #10 by market cap, is down 3.31% over the past 24 hours. TRX has a market cap of $3.93B with a 24 hour volume of $269.85M.

TRON officially announced on May 31 that it has migrated away from Ethereum and onto its own blockchain. TRON CEO Justin Sun announced:

“Fellow Tronix, the time has finally come. May 31 Tron Main Net launched. Today, with confidence, I announce that the development of Tron’s main net Odyssey 2.0 is complete, and all the materials are submitted to GitHub.”

TRON executives have announced they are still searching for various network bugs, and are paying programmers and developers rewards of up to $100,000 to locate respective software glitches.

TRON is down 3.31% over the past 24 hours.

Conclusion

The global cryptocurrency market cap stands at $333.68B with a 24 hour volume of $15.99B. The Coinbase Index is currently sitting at 3561.16. Bitcoin dominance is currently at 38.66%.

The cryptocurrency market may possibly be recovering from the lows seen earlier this week, but it’s impossible to predict where it may head from here. As always, investors are reminded that the market can drop at any point and without warning. Thus, it’s important to always trade cautiously, carefully and responsibly.


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

Source
Author Nick Marinoff 
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