With the cryptocurrency market showing some signs of revival, Stellar (XLM) appears to be getting ready for the next crypto-boom. The coin has gone a notch higher after getting a nod from a New York high end exchange, ItBit. The exchange has opened its doors to several coins including Litecoin, Bitcoin Cash and Ethereum.
Stellar has been approved by the Department of Financial Services in New York which gives it a clean bill of health with security concerns. The regulatory body is seeking to weed out coins that are classified as securities and from currencies. This means stellar can be listed in any other exchange that fall under the New York jurisdiction.
Securities and non Securities Cryptocurrencies
According to the head of SEC, Jay Clayton, differentiating between securities and virtual currencies is not a straight forward undertaking. Investments that are not being used to raise funds for development cannot be classified as securities. However, he adds that there are several digital coins that have a distinctive function of fund raising and may be defined as true securities.
Stellar (XLM) fortunes seem to be on the rise and the coin acceptance on ItBit is a surefire way of actualizing its dreams of being the leading platform for DApp creation into the future. This comes at a time when investors are staying away from investing in digital assets. For Stellar, this opens a new chapter to woo institutional investors to build applications on its platform.
Stellar (XLM) benefits from ItBit Exchange
ItBit has been in the market since 2012 and draws its clientele from high value institutions, rich families, hedge funds and equity outfits. For some time, the exchange has been offering escrow services and BIT OTC trading. This is a very beneficial resume for XLM as it expands to new markets.
One of the future plans for Stellar is to grow its pairing portfolio to gain traction in the future. Trading alongside BTC, LTC and ETH is a big boost for the coin. However, this seems to be the beginning of a long journey where the coin targets to trade with the top 20coins and tokens by market cap.
In support of Stellar (XLM) vision, the CEO and founder of the ItBit parent firm Paxos, Chad Cascarilla noted:
“The interest and the adoption from institutions and larger firms that have a lot of credibility is very real. That might not be reflected on the price today, but from what I see, will certainly be changing the landscape in the next six to 12 months.”
Stellar (XLM) Partnership with YOVO
Stellar partnership with the Malta based company YOVO is a clear indication of its growing popularity. This is a blockchain mobile phone network that will be built on the Stellar network from scratch. YOVO has chosen XLM because they share the same vision. The alpha YOVO Go will hit the market end of June
YOVO is a unique platform that connects more than 500 partner mobile telephony companies in over 200 countries and is planning to add more than 150 more in the near future. You can chose to use a SIM card or just use virtual one depending on convenience.
Stellar (XLM) Market Outlook
At the time of filing this report, Stellar is ranked 7 by market capitalization of $4.472billion. The coin appeared to have moved one step ahead after getting listed on ItBit and inking a strategic partnership with YOVO. However the coin has also been battered by the skydiving market though trading in the green in the last 24 hours.
The current XLM price stands at $0.240382 after marginally gaining to the dollar by 4.02% and 2.68% to Bitcoin. This is just a short-term spike and should it hold longer, it could be a good sign of a breakout that should send the coin past the $1 mark.