It has been tough for most coins to break even in the digital money marketplace and every other Altcoins is looking for new frontiers to venture into to remain relevant in the ever competitive market. Stellar (XLM) is in the news again and this time, negotiating with a new outfit to spur its growth into the future.
The platform is ready to splash a total of $500 worth of its native token if the deal goes through. This comes in less than one month after TRON purchased a torrenting firm, BitTorrent, to add to its portfolio. Stellar seems to be following suit in a bid to foster is development.
Stellar (XLM) New Kid on the Block
It has emerged that high level negotiations are ongoing for Stellar to purchase Chain, a blockchain focused firm based in the San Francisco area. Chain is the brains behind Sequence, a platform that is Chain describes as a new outfit provides:
“Ledger-as-a-service that enables organizations to securely track and transfer balances in a token format.”
If the deal goes through as anticipated by both parties, Sequence will make the Stellar ecosystem accessible to software development enthusiasts. This will shift the platform focus from ledger infrastructure and focus more on product scaling.
What caught Stellar’s attention to acquire the firm has not been made public but it is an engineering outfit that can bring a wealth of experience in the blockchain development. This could turn out to be a beneficial in a unique way since it is uncommon for same-level acquisitions unless it is a strategy to become top-notch.
Stellar XLM Coin being put to Test
According to the latest reports, if the deal goes through, the mode of payment will be XLM. This will put the coin into test and prove to the world that the coin is usable. The report adds that the platform has the support from Citi Ventures, NASDAQ and VISA who have been able to rise over $43million towards the acquisition.
Blockchain technology is headed to its exciting phase and this purchase seems to be in preparation for the future. With coins now turning their attention to real world use cases, Stellar is striving to set standards in the operational aspect of the technology. The coin could be the future of business system interconnectivity.
Stellar Long Term Sustainability Plan
Stellar appears to be re-inventing itself and gain the relevance of the project before other Altcoins coming into focus and shrinking the market. Staying afloat is the immediate plan for the once promising platform. Since its inception, the coin has been growing steadily and is now ranked seventh by market cap and its market value continues to be undervalued because its potential has not been exploited.
The Stellar community is eagerly awaiting the outcome of reports that several companies of repute are warming for a partnership. Last month, IBM indicated that they are working on a new currency that is riding on the Stellar ecosystem. Another key player in the massaging and chat sector, Kik is also interested in creating their crypto on Stellar.
Stellar XLM Price Dips
The current dipping of XLM prices is not an isolated case. It is a universal trend in the market though the coin has started showing some resilience. At the time of reporting the price of XLM stood at $0.195080. This is after gaining marginally to the dollar by 4.91% with the coin showing a lot of consistency in the last 7 days.
The value of the coin might be drained further is the Chain deal scoops $500 worth of XLM from the ecosystems coffers. However this will be more pronounced should they decide to trade the value for fiat. This can send a ripple effect across exchanges where XLM is listed leading to unpredictable short term price swings.