A ‘Stellar’ Performance: XLM Makes Headways in Cryptoverse

At the 6th spot, and in the green, the digital currency Stellar (XLM) is witnessing increased adoption across the globe. In fact, owing to its low cost, fast speed, as well as reliability, Stellar is being used as the network of choice for the development of various platforms. Being the world’s 6th largest cryptocurrency, Stellar is making headlines almost everyday. At the time of writing, the token was trading at USD 0.215499 in green, with market capitalization of USD 4,070,908,300.

Let’s take a look at some of the recent developments for the famous currency in the cryptosphere.

PixelAlpha, an advanced crypto assets derivatives exchange, is going to utilize Stellar as the settlements layer for its exchange. Recently, Alex Otsu, the Founder of the crypto exchange, shared in a Medium post, “There are several features which make their DLT uniquely suited for operating a derivatives platform, but speed, reliability, and simplicity were key differentiators. Stellar allows our transactions to settle in seconds, rather than the minutes that other public chains take.”
American startup, Prime Trust which offers custodian services is on the way to giving support for Stellar touting. In fact, Prime Trust is the only firm that can custody all types of ERC-20 based tokens. As per the Chief Product Officer, Kevin Lehtiniitty, ”Stellar is emerging as one of the most popular Blockchains for tokenizing financial assets, as well as securities due to its speed and out of the box support for issuing and trading tokens adding support for Stellar tokens is a natural extension for our digital asset business and we are thrilled to add this blockchain to our custody capabilities.”
Cygnus, another startup, is actively working towards developing a platform which will enable merchants to accept Stellar (XLM) and in the near future, even fiat. On being asked why the startup used the Stellar Network, a representative at Cygnus said,“ I have been actively using the Bitcoin and Ethereum networks in the past for re-selling virtual goods. Last December, it became clear that these platforms would not be able to scale enough, when fees were almost 20 dollars per transaction for BTC. Therefore, at Cygnus we chose to build on the Stellar Network because of the following reasons: Transactions are settled within seconds, near zero fees, excellent development library and web API, strong community and development support, existence and ease of creating fiat trustlines, and FBA has been battle tested and offers a decent level of decentralization for the speed and price of transactions.”
California-based BitGo, a Blockchain security firm and cryptocurrency custody, incorporated Stellar into its platform. The American company is further promoting the adoption of Stellar.

Swati Kishore

Swati has a keen interest in emerging technologies and she loves to write about them. She loves trance and is also interested in the philosophy of life.