The recent onboarding of Chain to the Stellar (XLM) family and birth of Interstellar has kept the crypto verse abuzz. This is a very crucial addition and seen more attention focused on the coin with many interested in the increasing future potential. Although the good news came at a bad time for the entire market, it has eased off XLM trader panic.
Stellar has been making steady and calculated steps in the otherwise competitive blockchain industry and has pulled major deals in the money remittance and transfer arena and this has shed some glitter on XLM price. The coin stands at number 6 in the world among the most valuable digital assets.
Stellar (XLM) Increased Presence in the Market
Cryptocurrencies have limited avenues for advertising and Stellar innovative Stellar foundation come up with Lightyear to handle the coin routes to the market. This has started bearing fruits with the creation of Interstellar; a functional arm that will facilitate elimination of friction in internal ledger creation.
Chain has a good backing that will expose Stellar to some of its high profile clients including Visa, CitiGroup and NASDAQ. This has prompted the CEO at Chain Adam Ludwin add:
“We are being acquired by an entity that no one has ever really heard of.”
In their medium announcement, the statement part of the statement said:
“We are thrilled to announce that Chain has been acquired by Lightyear, a Stellar-focused company formed last year with the support of the Stellar Development Foundation. The Chain and Lightyear brands will be retired and the combined company will be re-named to Interstellar.”
– Medium announcement
However, market analysts have other ideas and are seeing the new outfit as a counter measure to tame the ever growing Ripple products including xRapid and xCurrent. The phasing out of two of its young brands; Lightyear and Chain to create Interstellar forms a formidable force that will see the coin leadership in the cross border payments stand out from the crowded crypto market.
Rich Stellar Strategic Partnership Lineup
Stellar plans are well calculated and informed by the market demands and what the competition in the market is doing and what their failures are. When Ripple started to consolidate its three products to a single easy to sell and integrate, Stellar went for payment proposition that is powered by IBM; a strategic technical partner to drive the coin to the future.
Apart from the software development focused partner, Stellar has its back covered by Kiki messenger and this will come in handy as a route for transaction messages across the border once it is integrated into the system. Deloitte is another crucial player in the financial markets and their services are critical for Stellar to break even in the market.
Stellar (XLM) Price Holding Against Market Instability
August and early September have hit hard on the crypto market with the total market cap shedding over $38billion and things are yet to get back to normal. The market drain has seen most altcoins value drop and still bleeding. XLM has been hit hard but is now among the top gainers in the last 7 days.
The last 24 hours have been positive for Stellar’s XLM after posting gains of 4.40% and 3.28% against the USD and BTC to trade at $0.207761. This spike comes after Stellar hit the 1Million accounts mark as per Orbitlens data by close of August. With the new Interstellar in the house, this figure is set to rise and the end of Q4 might send the coin past the $1 mark.