Stellar (XLM) is steadily entrenching its roots within the highly competitive cryptocurrency landscape. The announcement by the Nation, a leading Thai newspaper, will further strengthen its relevance in the global banking industry. The Thai newspaper announced that K-Bank will collaborate with Visa B2B to manage a blockchain-powered business-to-business platform. Also known as Kasikornbank, K-Bank is one of the major commercial banks in Thailand. You may be probably wondering how it affects XLM.
How it Affects Stellar
Wonder no more. Stellar-backed universal payment network, Lightyear, acquired the cryptographic ledger developer Chain Inc. to form an entity called Interstellar. According to the deal, all the financial institutions using Chain services will now be using Stellar Network’s blockchain ledger. Logically, it means that K-Bank, and other financial institutions using Chain, will now be using Stellar Blockchain’s distributed ledger.
What It Means for Lumens (XLM)
What this means is that XLM is clearly expanding its reach in the global banking industry. Away from this news, Stellar had earlier partnered with legendary computer giant IBM. Despite primarily focusing on computer technology, IBM has branched out to finance technology (fintech), making it a major financial technology firm for over 80% of the banks around the world. After the successful partnership with Stellar, IBM has finally launched World Wire, a Stellar-powered platform that enables banks to rapidly process cross-border payments. With all said and done, Stellar is set to disrupt the cross-border payment industry.
Stellar Will Lead the STO Revolution
In addition, XLM has an edge in the cross-border payments industry as it has countless use cases in tokenization of assets. Indeed, Security Token Offerings (STOs) are steadily proving to be the future of financing as they (STOs) have shown the capacity to eliminate ICO (Initial Coin Offering)’s failings. The reason is that STOs deal with financing security businesses that comply with relevant regulations. Without a doubt, Stellar has the wherewithal to lead the STO revolution as its network is scalable and fee-less.
Certainly, the signs that XLM will play a critical role in STO revolution already abound. Take, for instance, a Silicon Valley startup looking to tokenize Ripple on Stellar. This is a big play for the cryptocurrency industry. As the STO momentum rises, experts say that it will become an industry norm in the near future. And that’s not all; they also project that it could potentially tokenize the traditional stock market.
Visa B2B Connect Statement
In relation to the Nation newspaper news, the Visa Country Manager released a statement. The statement noted that Visa is excited to partner with Thai financial institution in the pilot program. While introducing Visa B2B, the post clarified that Visa B2B Connect is a financial transaction platform that enables international payment solutions between financial institutions on behalf of their corporate clients. The post further highlighted some of the platform’s features that include distributed ledger technology, security, and government compliance.
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