The ongoing blood bath in the crypto markets has seen the XLM coin lose almost 10% in the last 24 hours. However, the market downtrend seems no to bother the XLM blockchain project as it continues to work on its fundamentals. Stellar is currently in the top 10 coins in market cap with an estimated value of over $4 billion.
So what makes this blockchain unique or a good HODL as XLM altcoins? Stellar’s aim is to provide a platform that is all inclusive in terms of financial accessibility. The blockchain is designed to enable other projects develop on the network hence an open-source. It aims to capitalize and make life easier for tech savvy enthusiasts in this era of digital payments and global finance.
As of press date, Stellar has demonstrated a strong probability of survival through recognition and international partnerships. Despite alliances between crypto coins and institutions reducing in Q3, Stellar is making significant progress in untouched markets. This crypto project recently secured two strategic moves that will probably push the coin’s price up in the coming quarter;
1. Sharia Compliance Certificate
Stellar will soon be a problem solver in Islamic financial institutions. The announcement came after the Sharyiah Review Bureau in Bahrain reviewed the blockchain technology for inclusion purposes within its Central Bank regulations. This review was followed by guidelines and recommendations on how the Stellar network can be introduced to Islamic financial institutions while remaining Sharia compliant.
The certification on Sharia compliance is a big step for Stellar since it is the pioneer crypto coin to receive such. In addition, the platform’s token ‘XLM’ will also be guided on integrating with Sharia compliant institutions.
So, how does Stellar’s future benefit from this certificate? The cryptocurrency project just increased its chances of tapping the oil-dominated Gulf region. This means that the crypto coin will be able to access more Islamic based financial institutions for big business prospects in the near future. Stellar’s blockchain technology also stands a big chance of gaining popularity with remittances transactions given the job distribution dynamic in the Gulf.
2. Celsius Partnership
Funding of crypto projects has in the past met a lot of obstacles with the biggest being regulation. Celsius, a crypto Network is filling this niche by enabling an environment where crypto holders can borrow funds with their crypto coins as collateral.
The company is currently working with Lightyear.io, a tech company whose purpose is to make business out of projects launched within Stellar’s ecosystem. Celsius will be an ICO financier to these projects as part of its working relationship with Stellar. Alex Mashinsky, current CEO of Celsius Network limited is optimistic on the partnership,
“Stellar Development Foundation’s goals and our own are perfectly aligned. We’re both looking to bring in a new era of blockchain banking to both the developed and developing world and we’re excited to empower the next wave of crypto startups.”
It is expected that Celsius will soon include Stellar lumens and the XLM tokens in the Celsius wallet for access from both its Apple and Android applications. Also, the Stellar community who use the Celsius network will probably be earning interest on their XLM tokens as soon as Q4!