This year hasn’t been particularly impressive for crypto-asset investors around the world. No doubt, the cryptocurrency market has been bearish, and most virtual currencies are struggling to remain stable. The last seven months have brought a tale of woes for many crypto-asset investors. While many cryptocurrencies struggle, Stellar Lumens (XLM) are staying on top of their game, displacing Litecoin (LTC) to take sixth place by market cap. Also, XLM is one of the tokens that grew in value last month without shedding much value. Furthermore, one doesn’t have to be a crypto guru to see all XLM gains.
But what are the factors that have driven XLM to achieve this feat? Well, XLM has had plenty of positive events playing out around it, which might be the driving force behind its success. So, in the piece, we will take a look at some of them.
SatoshiPay is a payment network that creates opportunities for creative content developers, chiefly artists. Launched in 2014, SatoshiPay is headquartered in Berlin from where it uses XLM tokens for processing and settling payments.
This is an IBM-sponsored project that intends to issue a cryptocurrency with USD-backing. There has been hype around this project as it intends to churn out stable currency, which tech giant IBM will sponsor. Wondering how this affects XLM? Well, Stellar will underlie its network.
Tempo is a remittance service with strong a presence in Latin America, Africa, and Europe. The company has chosen Stellar as a platform for settling international transactions. There are speculations that Tempo is likely to issue XLM-based debit cards, even though neither of the two companies have come out to confirm or deny the speculations.
Apart from SatoshiPay and Stronghold USD, TransferTo is another project built around XLM. It is a cross-border payment solution which evolved from a startup some two years back to cover over 150 countries today. Sure, TransferTo has selected Stellar as the network that will improve its worldwide payment system. With the partnership becoming a reality, TransferTo services will be faster, cheaper, and safer.
Coinbase cryptocurrency exchange needs no introduction as it is the world’s largest cryptocurrency exchange by daily trading volume. It’s common gossip that the exchange announced that it is studying XLM with a view to listing it in the future. This announcement threw the Stellar community into frenzy celebrations with the price of the token going up as well.
Stellar (XLM) Conclusion
Guess what: all these happened in two weeks, sending a message that Stellar is the first among equal networks. If the token maintains this pace, the sky will only be a starting point for the cryptocurrency. Thanks to these stake holders, because they are also cheerleading for a much stronger XLM.
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