By amassing $5.4 billion USD in market cap, Stellar (XLM) is currently the sixth biggest coin in the cryptocurrency market. Over time, Stellar Development Foundation, developers of XLM, has gone into business partnership with a number of companies. But before we go into these important partnerships, let’s introduce the Stellar network.
XLM is the native asset of the Stellar Network. The coin enables any client who wants to use the network. This means that any bank (or any other client for that matter) that wishes to carry out transactions over the Stellar Network must do so using the coin. As long as transactions are ongoing, there is a need for the user to have the native coin in order to facilitate such transactions. In comparison, this is different from XRP, which is used for speculative purposes only.
Here are the top 5 epoch-making collaborations that the Stellar Development Foundation has gone into:
It’s common gossip that Stellar has partnered with IBM. Yes, that one. The huge New York-based tech giant with a rich history of technological innovations. IBM got a $1 billion USD contract from the Australian government to facilitate the blockchain, quantum computing, and artificial intelligence. XLM will play a vital role in this upcoming project.
Online payment firm Stripe ushered XLM into the world of partnerships. When Stripe announced that it may add support for virtual currency in January, the coin price soared by 20%. The company dropped Bitcoin (BTC) for XLM due to transaction fees.
Also, the turn-key solution for crypto exchange platform SHIFT partnered with private equity firm Lightyear. This team-up would incorporate 60 cryptocurrencies around the world, including XLM. With this impressive collaboration, many of the Shift’s exchange clients will be offering XLM trading.
What’s more to tell? Stellar partnered with multinational professional services network – Deloitte – in order to provide an affordable and fast payment solution for the Deloitte Digital Bank.
Wanxiang Group is a Chinese group with interests spanning across real estate, financial services, and the automobile sector. The CEO of Stellar Foundation, Jed McCaleb, told Bitcoin Magazine that this collaboration would help people integrate with XLM and entice further experimentation.
No doubt, those five partnerships were critical to strengthening Stellar’s cryptocurrency as well as triggering enthusiasts to acquire more native coins. And when these partnerships occurred, the price of the currency rose in the virtual currency market as well. Every network wants to be a leading contender in the market, and XLM is no exception to this rule of thumb. These partnerships shaped the digital currency as they developed and will continue to play an important role in the future.
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