Stellar’s Lumen, one of the most popular cryptocurrencies, was trading in red numbers until May 23rd. This happened after the market suffered from “adjustments”, but it seems that the trend isn’t backing down. Stellar, despite not being in the green yet, has some good news to share with investors.
Stellar’s XLM
These developments could see Stellar’s XLM skyrocket before the year is out. Neutral cryptocurrency market observers are beginning to suggest that Stellar’s recent partnership and IBM could be what gives Stellar the attention that Ripple has not had. Let’s take a look at this partnership.
IBM chooses Stellar
Although the partnership between Stellar & IBM is not new, it has been in place before. IBM used only Stellar’s technology and not their coin. This has changed.
In a press release, IBM recently stated that Stellar’s XLM coins will be adopted in their partnership with Veridium Labs. This partnership is aimed at bringing blockchain technology into carbon credit exchanges.
IBM doesn’t need any introduction, as we all know. It has been around since 1911, and has been at the forefront of many technological revolutions. They are huge and their credibility is unmatched. Stellar will be the focus of a lot more attention from IBM.
Although this is a single project, it shows that IBM is taking Stellar seriously enough to plan to expand its use on other projects.
Take into Account
Stellar was the first time we heard about IBM’s interest in Stellar. It was announced last October that they were talking to banks around the globe to make Stellar a way to do international transfers.
Stellar will likely be used by IBM for many more projects. Although there is no evidence to support this, it is possible if you consider the whole context. Now that Veridium has joined the mix, IBM will deploy their first digital token so that carbon credits may be traded through the Stellar network.
It is important to note that carbon credit trades must comply with many international regulations and restrictions. This network is not going to be open to the public. Trade will occur through the public chain, but restrictions and authorizations must still be enforced so that some transactions can only be made by permission.
Even an IBM representative expressed the opinion that Stellar might beat Ripple in the international transfer market. This is because both currencies are designed to connect people and banks, rather than becoming a retail currency.
Ripple has many partnerships with some of the most important banks in the world, so it is well-positioned. IBM, which will presumably be behind Stellar, has its own partnerships with equally important institutions. IBM could make a difference.
BloomX Chooses Stellar
Stellar has more good news than the carbon credits thing. BloomX confirmed that they will be using stellar to process their payments. Stellar is highly scalable, easy to use, reliable, and affordable. They’re now on board.
Stellar and The Market
Stellar and most coins are currently in the red zone, as stated previously. It has lost about 2.35%, which isn’t very impressive, but it is still stable considering that other coins are losing more.
Stellar gained value against Bitcoin (BTC). It’s not very impressive (below 1%) but it still shows that Stellar is gaining value. That’s how big trends begin. It currently stands at $0.28 per token.