The cryptocurrency market regained its volatility recently – a marked difference from the constantly depressed prices at the start of the year. However, Stellar Lumens (XLM) outperformed their peers and have shown a steady rise in the face of market adversity. This is partially due to their usual high-level development progress, but also due to several noteworthy events. Their acquisition of enterprise blockchain development firm Chain moves them into an advantageous position for greater corporate adoption.
This is in direct contrast to Ripple – who started the year strong and have stumbled recently despite their success. As they prepare to launch their xRapid financial service, the competition between the two similar blockchains may reach a fever pitch.
The Chain Acquisition
Although consumer-grade blockchain services and dApps are the flashy, news-making subjects of the cryptocurrency world, enterprise blockchain solutions may be the more lucrative field. Blockchain represents a major upgrade for a variety of corporate networks – and Stellar is now a competitor in that field. They’ve acquired start-up Chain through their Lightyear commercial arm and the two will now be combined to create Interstellar.
Interstellar’s focus will be on creating blockchain and distributed ledger-based services for larger corporate entities. These systems will help upgrade legacy networks while providing greater security – hallmarks of blockchain technology. This also brings Stellar into even more direct competition with Ripple. Previously, Stellar’s stated goals had more to do with basic remittances and small-scale clients. Now, they’re positioned to provide financial institutions with full-featured product suites.
Other Good News for Stellar
This isn’t the only good news for Stellar – they are still on Coinbase’s short list for addition to the exclusive exchange. This would greatly buoy the value of XLM while also leapfrogging Stellar past Ripple in a key performance indicator.
Further, Stellar can now boast of a variety of potential fiat gateways – including Fintech’s Interstellar Decentralized Exchange. Through the use of the White Company’s White Standard coin – WSD – users will be able to directly withdraw Stellar for Fiat. Finally, Stellar recently announced that they have accumulated over one million individual accounts on their blockchain – a good sign for healthy community engagement.
Article By: Adam Stone