Stellar Price Jumps 5% With the Announcement of Coinbase Listing

With the growing popularity of Stellar Lumens (XLM), the world’s eight largest cryptocurrency got recently listed on popular crypto exchange Coinbase.

Photo: QuoteInspector

Photo: QuoteInspector

On Monday, March 18, popular cryptocurrency exchange Coinbase announced the listing of Stellar (XLM) cryptocurrency to its platform. The official announcement from Coinbase reads:

“Starting today (March 18), Coinbase supports Stellar Lumens (XLM) at Coinbase.com and in the Coinbase Android and iOS apps. Coinbase customers can now buy, sell, convert, send, receive, or store XLM”.

Coinbase also plans to make XLM available to customers across different jurisdictions. However, initially, it won’t be available to the resident of New York or the United Kingdom.

Being available on the Coinbase platform means XLM’s availability to a huge pool of customers. Thus, the announcement has triggered XLM’s price by 5% northwards. At the press time, Stellar (XLM) is trading at a price of $0.11 with a market cap of $2.17 billion. Also, there an increased activity in trading XLM tokens with the 24-hour trading volumes shooting above $300 million. XLM currently ranks eighth in the top-ten charts.

The Stellar blockchain network was launched in 2014 with a vision to unite the global financial infrastructure. The aim was to facilitate a quick flow of money across businesses, individuals, and banks. The Stellar Lumens (XLM) is the native cryptocurrency powered by the Stellar blockchain network.

Six Banks Pledge Support to IBM’s Stellar-based World Wire

On Monday, March 18, six global banks announced to join IBM’s World Wire blockchain network to issue their own stablecoins. Over 44 international banks have joined IBM’s Blockchain World Wire (BWW) network that is built on the Stellar blockchain.

Marie Wieck, General Manager in IBM Blockchain said:

“We’ve created a new type of payment network designed to accelerate remittances and transform cross-border payments to facilitate the movement of money in countries that need it most. By creating a network where financial institutions support multiple digital assets, we expect to spur innovation and improve financial inclusion worldwide.”

Just like Stellar, IBM shares a similar vision to bring banks and global financial institutions on the blockchain platform. Also, with traditional institutions failing to provide better customer services, IBM plans to leverage the emerging blockchain technology.

Speaking at the Money 2020 Asia in Singapore, Vice President of IBM Blockchain Jesse Lund said:

“We’ve created a new type of payment network that is unique in the sense that it streamlines the ability of businesses and consumers to move money around the world in real time. This enables improved transparency without sacrificing the regulatory controls and policies we need in order to make sure that there aren’t bad actors in the system. We are convening a brand new network in 72 countries that will support pay-in and payout end points in 48 currencies.”

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