Stellar (XLM): Meet the New Kid on the Cryptocurrency Block and Discover Untapped Potential
Stellar (XLM) rises into the strathisphere – Some of the most exciting and dynamic digital assets today are cryptocurrencies, namely, Stellar (XLM). There are so many of them on the market today all competing for market share and utilization in their varied target industries. One of the new entrants in the field is Stellar. Denoted using the symbol XLM, this cryptocurrency deals in the highly lucrative banking sector. Stellar makes it possible for banks to transfer money across borders quickly and at very low costs. Leveraging blockchain technology, the new cryptocurrency allows for fluid exchange from one currency to the next. As a matter of fact, the transactions can be completed in 2 to 5 seconds each. Easily implemented in various types of bank and financial institution networks, the cryptocurrency can be applied in customized ways due to compatibility with custom software and tools. Its unique characteristics make it appealing to traders and investors. Despite playing the field for only a short time, Stellar has already started trading at the promising price of $0.4494. It is also getting the right kind of attention. Here is more on this.
Endorsement by Stripe and other mainstream companies
Most of the success that Stellar is experiencing is being spurred on by its strong community. Not only are they spreading the word about the capability possessed by Stellar, the community can actively drive up the price of the altcoin. Recently, an Internet service provider that works with eCommerce businesses known as Stripe committed to supporting Stellar coin. The member community behind Stellar immediately doubled up their investment in the cryptocurrency. This caused it to increase in value by more than 20%.
After seeing that the cryptocurrency is garnering positive, strategic support, other companies got on board. In quick succession, IBM and Deloitte became partners with the cryptocurrency. Stellar’s community repeated their investments further driving up its value. Thanks to its performance, strong community backing and appeal to mainstream companies, experts are regarding Stellar as a long-term investment. Not resting on their laurels, Jed McCaleb and Joyce Kim proceeded to create a special marketplace that is unique to Stellar. Here is more about it and what it does.
Launch on the Stellarport
The creators of this altcoin also built a unique, decentralized exchange known as Stellarport. While there are many other exchanges of this nature in the industry, the Stellarport is different in that it makes it possible for cryptocurrencies to be traded immediately after they are released through an Initial Coin Offering (ICO). This is great news for traders who make profits by speculating and trading cryptocurrencies across different platforms.
In addition to that, having a dedicated exchange gives Stellar a marked strategic advantage. This is because the more projects launch on their decentralized exchange, the more popular this altcoin becomes in the cryptocurrency industry.
Listing on the eToro trading platform
Traditionally, eToro has been a trading platform for commodities and securities. It had not listed cryptocurrencies before. However, a gradual acceptance of altcoin trading by governments and financial institutions has made eToro pick a total of 6 altcoins to trade in their platform. One of these is Stellar, identified by the XLM ticker symbol.
Today, eToro has a trading community of 6 million individuals. Getting listed on this platform gives Stellar excellent exposure and traction in the industry. The Stellar network has various use cases. They include the management of micropayments, mobile money lending, mobile branch creation and remittance cost reduction. Therefore, the traders on eToro are bound to discover and get attracted to one of these and apply it in their businesses. In this scenario, Stellar kills two birds with one stone. The cryptocurrency gets another feather in its hat courtesy of IBM.
FairX from IBM and Stellar set to revolutionize cryptocurrency exchanges
Today, there are only a few cryptocurrency exchanges which provide the regular investor with a straight-forward, easy process of purchasing altcoins or trading them. Most of the others are messy and very complicated. Moreover, they do not offer cross-asset purchases and trades. The Stellarport is different and solves these problems all at once. It is easy to use and allows you to buy altcoins with cash or trade them for currency. This ability has attracted the attention of global computer manufacturer IBM.
The company desires to construct its own exchange upon Stellarport. Known as FairX, it will allow for quick cross-asset trades. Hence, the regular investor will be able to invest in altcoins. Upon launch, the FairX-Stellarport collaboration will be a game changer. It could even place the Stellar cryptocurrency firmly among the top altcoins in the world.
A final word
Relatively new in the industry, Stellar is a cryptocurrency which has a lot of potentials. It brings along quick money transfer, a dedicated launch exchange for altcoins and a strong token that can be traded on eToro. Investors and traders can easily observe that Stellar brings a triple-threat to major altcoins. If you’re looking to profit this year in cryptocurrencies, XLM should be on your buy list.
Jed McCaleb is the CTO of Steller, which is an open-source, protocol for digital currency to fiat money. Prior to co-founding Steller, McCaleb was also the founder of Mt.Gox exchange as well as serving as the CTO to Ripple and is also known for creating Magic: The Gathering Online Exchange, and the peer-to-peer eDonkey and Overnet networks.