Stellar Lumens gets a boost in battle vs. Ripple for global dominance in payment industry
Stellar Lumens (XLM), the 7th largest cryptocurrency in the market according to market has had a good week. The coin has seen a rise of almost 30% in the past one week. This rise in price could be attributed to the flurry of positive news about the coin. It appears that XLM is making headway into controlling a major slice of the emerging crypto-based economy.
Stellar and Tempo Partnership
Stellar and Ripple are currently battling to become the de facto blockchain-based payment protocol of mainstream global finance. And Stellar’s partnership with the payment provider, Tempo took this battle for dominance to a whole new level. Tempo aims to simplify the crypto to fiat trading market by using XLM tokens to revolutionize the global payment industry. To achieve their aim, they will use Stellar’s decentralized exchange platform.
The Blockchain start-up might’ve hit the jackpot in this battle with Ripple by partnering with Tempo. Stellar’s native token, XLM could see greater utility with increased remittances on the Tempo ecosystem. This is where XLM could beat XRP because financial institutions use the Ripple Ledger, but don’t transact using XRP. Therefore, even with the higher volume of transactions on the Ripple Ledger, XRP’s utility isn’t higher.
Sharia Certification for Stellar
Islamic Scholars have granted a “Sharia compliance certificate” to California-based Stellar Lumens. This ensures that the Blockchain start-up can integrate the technology into the field of sharia-compliant financial products. This move will get it at the same level as Ripple.
Ripple had announced earlier that they’ve almost captured 50% of the market in India. This means a whole range of possibilities opens up to Ripple in form of the 2 billion people in the country. Similarly, Stellar being Sharia compliant now means the Blockchain is open to the 1.6 billion strong global Muslim population.
Stellar gets on Coinbase’s list, while Ripple gets snubbed
Coinbase announced a list of 5 new coins which they’ll explore and might possibly list on their platform. XLM has made it into the list, but Ripple has been ignored, yet again! To make into Coinbase’s list is quite an achievement. The cryptocurrency exchange is disinclined to list coins which have an uncertain regulatory status on their platform. If XLM does get added on to the exchange’s platform, it’ll be a significant win for XLM over XRP.
‘Stronghold USD,’ a stablecoin backed by IBM launched on Stellar
The most recent news which has helped the cryptocurrency get a boost is the launch of “Stronghold USD” on the Stellar platform. The stablecoin is pegged to the U.S. Dollar. Financial services provider Stronghold is developing the coin with backing from IBM, the tech giant. In an interview with Reuters, IBM’s vice president of global blockchain, Jesse Lund said,
“IBM will explore use cases with business networks that we have developed, as a user of the token. We see this as a way of bringing financial settlement into the transactional business network that we have been building.”
This positive news has given XLM quite a boost, the cryptocurrency is currently trading at $0.27. If the Blockchain company continues at the same pace, it definitely could dethrone Ripple and win the battle to become the de facto blockchain-based payment protocol.
Other Related Articles
- Stellar Lumens [XLM] joins KuCoin’s arsenal
- Ripple: Striving to revamp the traditional banking sector
Image via Medium
Join our telegram group