Stellar is one of the valuable digital coins and has a reputation as one of the fastest and efficient payment platform in the Industry.
The blockchain company has taken its first step towards mainstream adoption with the partnership agreed with Shift Markets and LightYears.
Stellar announced on 9th of August that both Shift Market and Lightyear would support the XLM coin and be integrated with Stellar technology. According to the statement, this would help in the global adoption of the cryptocurrency.
New Partnership Lauded By Industry Experts
Stellar Lumen (XLM) believes that this new partnership would help users to increase the trade possibilities and allow for wide range adoption of XMR and increase participation on the blockchain network. This could be the jolt needed by Stellar coin to achieve mainstream adoption
Industry analysts believe that this new partnership would eliminate the major problem faced by Stellar Users when trading with the crypto. Most times when buying XLM users would have to buy Bitcoin or Ethereum and convert it to XLM on major exchanges.
The deal with Shift Market, in particular, is a huge one as this would ensure that users would have a point of entry to trade XLM. Since it can now be traded directly against fiat currencies, which would boost the number of transactions performed on their network daily.
About Shift Market
Shift Market is one of the biggest platforms where FX and crypto exchanges overlap. This is done by the company allowing easy set up for startups to integrate both payment platforms on their exchanges. Shift market already have 60 cryptocurrency exchanges on it worldwide.
This adoption by Shift market means that it would help market XLM to their list of Exchanges which would increase the popularity of the crypto. Thereby allowing for more users to transact in XLM on a daily basis.
Shift CEO IAN McAfee is happy with the deal and believes that it is a win-win situation for both parties, and indicated that Lumen has a broad trading appeal. According to him, many exchange clients had requested for XLM to be added to the list of crypto traded.
He also reiterated that Lumen commitment to low-cost technology would help new markets adjust to the crypto industry. This could result in a stable transaction with different fiat currency which could ensure that it reaches record levels in a few years.
Paul Arnautoff of Lightyear.io also praised the partnership and announced that Stellar users would have access to an extensive network of developing and emerging markets. XLM market value could move up due to this recent announcements
Stellar has been moving towards its aim of financial independence and reducing the cost of cross-border payments which has hampered developments. This deal should help resolve many of the problems in that respect.
Stellar Signed A Similar Deal Last Month To Become First Sharia Crypto
Stellar had also signed a deal last month to become the first sharia approved cryptocurrency moving it rapidly to situate itself in the middle east. This was approved by the Shariyah Review Bureau which is one of the leading Sharia advisory agency.
This deal would ensure that Stellar increases it grips in the Middle East region as complying with Islamic financial system. The deal would also increase the use of XLM as the crypto of choice in the financial institutions in the Gulf region.
This sharia compliance certification was issued to Stellar in Bahrain and ensures that the blockchain company is the official distributed ledger protocol for operation in the country. This development shows the increasing popularity of digital coin as a source of payment worldwide.
What Is Stellar Lumen (XLM)?
Stellar Lumen (XLM) was founded by ripple co-founder Jeb McCaleb and uses a network of decentralized servers which allows for quick transactions along all nodes. Stellar is also unique as it does not need to use a complete miner network to facilitate payment.
Instead, it uses a different protocol method using the federated Byzantine Agreement Algorithm which allows for faster payments. This essentially uses a partial agreement to approve and confirm payments from users transactions.
Stellar is currently ranked sixth in crypto value with a market cap of $4 billion according to coinmarketcap with$18billion XLM in circulation. This makes XLM one of the valuable cryptocurrencies to HODL as it moves towards adoption by many financial institutions worldwide.