Stellar at 6th spot is currently in the green while its adoption keeps on increasing. Recently, a US-based qualified custodian announces support for Stellar while it is being actively used as the network of choice to build platforms on due to fast speed, low cost, and being reliable.
Stellar becoming a popular choice
The world’s 6th largest cryptocurrency Stellar is making a lot of headlines. At the time of writing, it has been trading at $0.2152 while being in the green with a market cap of over $4 billion.
Recently, a lot of developments have taken place leveraging Stellar. Now, Prime Trust, a US-based startup that offers custodian services is adding support for Stellar touting,
“The qualified custodian is the first and only company to securely custody all ERC-20 tokens, and now all Stellar tokens.”
The trust company is adding full support for Stellar which according to its 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.”
In another instance, PixelAlpha, will be using Stellar as the settlements layers for their decentralized cryptocurrency derivatives exchange.
In the medium post, Alex Otsu, the founder of PixelAlpha shares:
“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.”
Meanwhile, another instance of Stellar adoption is Cygnus, a startup that is building a “platform that allows conventional merchants to accept XLM, and in the future, fiat and native trustlines.”
As for choosing Stellar Network, it states,
“I’ve been actively using the Bitcoin and Ethereum networks in the past for re-selling virtual goods (items in CS:GO/Dota 2) – 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, I chose to build on the Stellar Network because: Transactions 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.”
And recently, BitGo, a crypto custody, and security firm added Stellar to its platform as well further promoting its adoption.
A blockchain enthusiast, my expertise extends to marketing and advertising through which I was able to help a few notable startups in generating initial traction. Follow me on Twitter at @abhinavagrwl94 and reach out to me at abhinav[at]coingape.com