Stellar Lumens (XLM) began its journey officially in the year 2014. By this time it was introduced as an open source protocol for value exchange to its traders. The first few years were not good for this coin as the price trend was generally going down due to the influence that Bitcoin had at that time.
This scenario started to change from early this year when the price of Bitcoin went down and many traders began to doubt its stability. Stellar Lumens (XLM) reached its apex in January of this year with a market cap of around $15 billion.
The coin has been on a steady rise since then making it one of the first rising coins in the world. The XML development team recently decided to make some progress by making a few changes that would make the coin efficient. This time the company decided that it would be releasing different updates on its future work.
The Anchor Network and the Launch of SDEX
Most of the people affiliated to the coin recently said that the company is soon to launch the first USD anchor in the blockchain system. The Stronghold exchange as it is called is dependent on the stellar network design.
The Stronghold exchange platform has been the one supporting the coin since it was launched in 2014. If everything is completed in time, XLM users will be able to deposit and withdraw USD from the anchor as compared to the coin swap mechanism. This is what will most likely facilitate a swift exchange.
Besides the launch, the Stellar Development Platform (SDF) is going to launch their decentralized exchange named Stellar Decentralized Exchange or SDEX. These are set to take place very soon.
The Stellar Team wants to Purchase Chain
The team at Stellar is currently working round the clock to buy Chain which is a firm that focuses on Blockchain Technology. This is a well-known company in the crypto world for designing the Sequence platform. The Sequence platform is a ledger that tracks and transfers balances in a token format.
Should this deal go through as people are anticipating, then Sequence will make Stellar’s blockchain system available to tech developers. The mode of payment would also be XLM the currency at Stellar Lumen platform. This alone would make the currency legitimate and accessible different traders in the world.
The Stellar platform has been able to raise 44 million USD through the support it gets from institutions such as NASDAQ, VISA and Citi Ventures. The company also said that it would be giving $500 worth of XLM coins once the deal is sealed.
Lucrative Partnerships
Stellar Lumens has been busy the past few months especially in engaging in different types of partnerships as they wait for the outcome. Around May of this year, IBM hit the major headlines when they indicated that they were working on a new cryptocurrency based of Stellar Lumens ecosystem.
Philippines based bank RCBC opted to work with Stellar instead of Ripple as a medium of exchange/transaction. XLM is believed to be in the top 10 cryptocurrencies that will be legalized in Thailand.
Despite the universal downward of most cryptocurrencies, Stellar has maintained its record and is exhibiting resilience in its price. Its current market capitalization stands at around 4,900,579,746 USD.
“The introduction of Stronghold USD as an anchor on the Stellar network is a significant step forward for cryptocurrencies. This is because instead of Stellar trying to compete with chartered financial institutions, they were able to include them in a productive way that is beneficial to everyone. Already, this asset has usability on IBM’s blockchain applications, since an asset like Stronghold USD has the stability that is requisite for big-name players to make transactions on a blockchain platform. Since Ripple does the opposite of working around traditional financial institutions, this has limited its success. Adding the Stronghold USD asset to Stellar capitalizes on this weakness, and this will make some serious waves in the blockchain and fintech industries in the coming weeks, putting Stellar into the spotlight.” – President and COO of Global Blockchain Technologies Corporation, Shidan Gouran.
Final Thoughts
The cryptocurrency market maybe a bit volatile at the moment but this does not mean Stellar will not excel. Most speculators see the coin rising steadily over the next few years to hold a large share in the market. With these new developments coming up, the price of the coin is most likely to go upward. -Traders have to put their trust on this coin.