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What is XLM and why is it supporting crypto?

Earlier this week, Coinbase announced in a blog post that it would add Stellar Lumens (XLM) support to its mobile cryptocurrency wallet application Coinbase Wallet with its next update, which the company expects to launch next week. The wallet application will be compatible with the Stellar test network in an attempt to “help developers and advanced users,” says Fintech.

Coinbase Wallet adds support for Stellar

The stellar price barely moved in the news, although it skyrocketed after Bitcoin embarked on the giant rally on Tuesday. XLM rose an impressive 8.7 percent, although it also fell more than 5 percent against BTC.

At the time of publication, the stellar price was $ 0.13 for a daily gain of 4.5 percent.

Stcolar was delayed bitcoin despite the fact that the addition of Coinbase Wallet was theoretically optimistic for the cryptocurrency.

“Our goal with Coinbase Wallet is to create the cryptographic wallet with the custody of the leading user in the world,” says the San Francisco-based company, and notes that “adding support for XLM is an important next step in that direction.”

Unlike Coinbase.com, the Wallet app stores all private keys on the user’s mobile device and is available for both Android and iOS. It currently supports bitcoin, ethereum, bitcoin cash, ethereum classic, XRP, as well as numerous tokens based on ERC20 and ERC721 collectable in the chain of blocks of ethereum.

Strong last month of Stellar indicates future growth

However, stellar is currently ranked as the ninth largest cryptocurrency after a month of bullish movements in prices.

On March 10, XLM recorded an increase of 11.2 percent after a three-day uptrend, possibly caused by the purchase of shares of the German media company Börsenmedien in SatoshiPay, a start-up company of $ 2 million that uses the chain of Stellar blocks to make micropayments.

A day later, the fintech platform YouHodler announced that it supports XLM as a guarantee for loans on its platform. Coinbase followed it quickly: on March 13, it introduced commercial pairs XLM, as reported by CryptoMedical.

To consolidate Stellar’s strong month, IBM announced that it has partnered with six global banks to facilitate cheaper and faster transactions with its blockchain platform World Wire, which uses the XLM block chain, which drives the price to its highest point before the increase on Tuesday.

All this indicates a growing demand for XLM that could increase its price even higher, assuming the bitcoin rally is sustained.

Also published on Medium.

Published inCryptocurrencies

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