Stellar Lumens (XLM) has been growing and glowing in the last couple of months. Not only in value but also by its projects being appreciated in the cryptocurrency and blockchain spaces. This strategic positioning has posed a threat to top cryptocurrencies. To prove their determination in taking over the top spot, IBM has adopted the use of the Stellar technology.
With IBM products being used at the back-end of most banks, Stellar is now offering close to instant cross-border transactions which they achieve by linking both ends of the transactions digitally. By partnering with IBM the stellar technology could be headed for an endorsement by the central banks the world over. This is already putting considerable pressure on Ripple and Ethereum.
Stellar is keen on occupying the position that is being occupied by the SWIFT network. With most central banks around the world having plans to issue their own digital coins and IBM being on the back-end of these banks, the Lumen blockchain is best suited to take over seats that were occupied by the likes of Ethereum and Ripple. This significant steps being made by Stellar Lumens will, hopefully, result in the hiking of the XLM token prices.
The threat to top cryptocurrencies is already being felt in the market with customers who used to be on the Ethereum network finding a new love for the Stellar, for example, the kin foundation which was previously using the Ethereum platform have since found the Lumen platform to be better.
A statement from the Kin foundation read:
“All Kin transactions have taken place on Ethereum (ERC20). Moving forward, Kin transaction will be performed on Ethereum or Stellar. As Ted discussed in a recent AMA, the two blockchains will support Kin in different ways — with services operating on the blockchain that is best suited to their needs.”
Compared to the Bitcoin, the XLM, at the time of writing, has a price increase of 4.77% while the Bitcoin achieved 3.75.8% in the past 24 hours. The percentage increase in price for XLM has been considerably steady over the past few months.
With stellar pushing for mass adoption for its blockchain, do you think its adoption will be directly proportional to the price of XLM token and will it be a threat to top cryptocurrencies?
Let us know your thoughts in the comment section below.