Stellar Lumens BTC price peaked at 4279 satoshi on the 19th of July, while USD kept running up until 26th, reaching the value of $0.3368. Going into August XLM bottomed out on the 8th, reaching the price of $0.202/3193 satoshi. Ever since, the USD value went into a stable sideways pattern while BTC kept moving in a more distorted fashion.
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Shursst thinks XLM could be ready for a breakout:
“Symmetrical triangle has been formed. Sufficient volume to realise a breakout. Watch the trend line.”
The project’s most often cited partnership, one with IBM, is starting to bear fruits. IBM recently introduced the Blockchain World Wire, a financial rail that can simultaneously clear and settle cross-border payments in real time. This project will be a decentralized competitor to Swift and Ripple’s xRapid payments rail. IBM spoke about the partnership:
“Financial institutions use their existing payment systems – seamlessly connected to World Wire’s APIs – to convert the first fiat currency into the digital asset. World Wire then simultaneously converts the digital asset into the second fiat currency, completing the transaction. All transaction details are recorded onto an immutable blockchain for clearing.”
World Wire should bring about several key improvements, including faster payment processing, lower costs, increased efficiency, multi-currency support and much more.
🏆Read a comparison of ripple vs stellar lumens.
Stellar itself had a couple of important issues addressed recently. The community is mostly worried about the fact that this pre-mined cryptocurrency has around 80% of its total supply held by its developers and owners. The issue here was that no one in the community is clear about who controls these funds. Stellar’s whitepaper previously pointed out that the devs want to hand out “free” tokens to the unbanked people in the world, and with an unclear fund controlling structure some are worried that this distribution will be done in a way that might damage the price of XLM. Redditor u/StellarZac answered these concerns a couple of days ago:
“The website definitely needs to be updated, and we know its current state causes confusion. One of our core focuses for the next 4 months is being clearer about our mission and especially our governance. More detail and transparency are our goals.
As for distribution, we want to do it right. The end goals are the same as they’ve always been: maximizing value for Stellar as a whole and meaningfully growing the reach and impact of the network. But the options for Stellar are vastly different now than they were just last year, because of the near 100x increase in the price of XLM and the growing dynamics in the market and industry. It takes time to figure out the best way forward.”
In other Stellar-related tidbits, Quick7 and Eat Pizza became the first merchants that started using Stellar-based Tillbilly services to save money on payments and paper receipts. Stellar recently confirmed that the XLM currency is now officially supported by the Exodus wallet. Users can now effortlessly send, store, receive, and exchange Stellar Lumens directly from within their Exodus wallets. SureRemit, the project built on the Stellar blockchain, has recently launched its Android/iOS app which lets users from around the world to perform remittance payments in a simple, safe, fast and low cost way.
French money transfer company Tempo has teamed up with Stellar to provide an improved customer experience with the help of Stellar’s distributed ledger. Finally, Stellar decided to adopt the Stellar Web Auth Protocol (SWAP) that was developed by Mobius; this service allows any Stellar account holder to prove they do, in fact, own an account and lets them engage in transactions with third parties. Stellar Lumens remains a strong cryptocurrency that is valued at what it is for a reason. All of the mentioned updates will help it on its road of becoming the world’s no.1 payment and remittance platform in the future.