Coinbase has announced that it will add Stellar Lumens (XLM) tokens at coinbase.com and in the Coinbase Android and iOS App.
According to the blog post by Coinbase:
The Internet connected the world’s computers so that information could be shared globally. Stellar aims to do the same for money.
— Coinbase (@coinbase) March 18, 2019
IBM’s world wire has also announced a partnership with six banks to issue FIAT backed stable coins on the Stellar Networks. The Network will help regulated financial institutions to move value seamlessly across the globe.
Coinbase Effect: XLM Price Surge
XLM recently got added on the Coinbase Pro. While Coinbase Pro has a limited user base, coinbase.com is the esteemed exchange that is one of the largest and most trusted platforms for FIAT to cryptocurrency exchange in the world. It has a user base of more than 20 million customers in over 42 countries. The blog post also noted that XLM will not be available in the state of New York or the United Kingdom.
Stellar Lumens’ price has rocketed by 5%; XLM/BTC which was skirting along 0.00002700 BTC has increased to 0.00002850 in less than 2 hours.
The Technical Analysis of XLM/BTC reveals that the 50-Day Moving Average has moved above the 200-Day Moving Average, which suggests that a Bullish cross-over. The 100-Day Moving Average is also looking to cross the 200-Day Average line, indicating that the long term bearish outlook might have turned tables.
World Wire to Transform Cross-Border Payments Completely
The ‘big blue’ and Stellar Organization has worked for almost a year together after the announcement of initiation of ‘world wire.’ The world wire would provide a platform for financial institutions to issue their stable coins and also allow interoperability between them through the Stellar Protocol.
Three banks out of the six have been identified that has signed a partnership with World Wire according to Forbes, they are Philippines-based RCBC, Brazil’s Banco Bradesco, and Bank Busan of South Korea. The other three banks are expected to be announced at the on 19th March at the Money 20/20 Asia Conference in Singapore.
Jesse Lund, the head of Blockchain solutions at IBM noted:
“So we are starting with markets that are outside of the U.S., but it won’t be long before we add the U.S. as an operating endpoint. It will be sometime this year; we will get to it, third quarter, fourth quarter something like that,” he said.
Reportedly, IBM has set up world wire payment locations in 72 countries, with 48 currencies and 46 banking points. According to Jesse Lund, the Blockchain head at IBM, IBM is the “single most trusted validator on the Stellar network” hence, although centralized IBM as validator adds a lot of credibility to the platform.
“Look at the Stellar dashboard and see the IBM validators out there,” said Lund. “There’s a lot of others, but everyone trusts us. So in the consensus model, we are kind of a big anchor there.”
Nivesh from Engineering Background is a full-time Crypto Journalist at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com