The cryptocurrency is really impressing everyone in the blockchain world with its fast-growing technology. Stellar (XLM) providing low-cost financial services is really warm heartening for users and different exchanges in the world. The exchanges around the globe are adopting XLM very fast, due to its daily increasing demand and different top-class features.
Recently, the Malaysian exchange PinkExc has decided to move from Ethereum blockchain to Stellar (XLM) blockchain technology. PinkExc will soon be replaced by Utilex, which runs on the stellar blockchain. The exchange wants to use the Stellar blockchain technology because it meets their need for a faster, cheaper and more reliable asset value transaction token. Whereas, Ethereum was not able to fulfill these demands of the Malaysian exchange. In the future, we would not be surprised if other firms adopt Stellar blockchain because we can see how efficient XLM’s technology is. Stellar Lumens on twitter announced this news, stating:
“Malaysian token issuer to move from Ethereum to Stellar. PinkExc currently operates several cryptocurrencies teller machines in the country and hosts an online exchange. The project utilized blockchain to raise fund for expansion, besides as a utility medium for transactions.”
According to PinkExc, Ethereum blockchain was simple, easy and fast to create an ERC20 token but you still have to how to program the token to do what you want. ETH had a solid dev team but Stellar has evolved much more than Ethereum is recent times. According to PinkExc, Stellar offers built-in capabilities that can support multi-signature authorizations, generate dividends and limit who can hold tokens and more. Most importantly, Stellar features a decentralized exchange where any token issued through Stellar can be instantly traded without relying on a third-party exchange to list the token. This means that newly issued tokens can be traded in one day, which is really fast.
PinkExc spotted out some other good aspects of Stellar (XLM). According to the exchange, Stellar has gained stature. IBM and other notable institutions use Stellar blockchain for their payments system. As Malaysia is an Islamic state so they heavily rely on Sharia. So, keeping that aspect in view the PinkExc adopted Stellar because it also obtains Sharia compliance certification in money transfer and asset tokenization field by the Shariyah Review Bureau, Central Bank of Bahrain. One other big reason for the adoption of Stellar is that it has its own token, Lumen, Lumens (XLM) which stands in the top ten in market capitalization. It also has several successful ICOs on its platform.
So, such prominent aspects of Stellar blockchain has impressed the Malaysian exchange, just like this many other firms around the world have been impressed by Stellar. So, keeps in improving the blockchain firm every single day. This keeps on pushing Stellar (XLM) high in the market rankings and just like Ripple blockchain is heavily supporting XRP (XRP) performance in the market, the same is the case with XLM. Stellar adoption is a key to XLM rise and it is expected that in coming time, Stellar (XLM) will be among top 3 crypto’s in the world.
At the time of writing, Stellar (XLM) was trading with a price of $0.168 USD with a market cap just above $3 billion. In the last 24 hours, XLM have surged up to 8%, which is good to see. XLM jumped back to the 5th spot in the rankings. A few days ago, XLM crossed EOS in rankings but due to the bear market, it dropped back to 6th spot. But, today on the last day of November 2018 it has crossed the 5th spot as well. At the moment it at ranking on 4th place on coinmarketcap crossing Bitcoin Cash (BCH). This indicates it will be rising further because just like XRP everyone really appreciates its technology.