Till May 23rd, most cryptocurrencies were in the market are trading in red numbers, and Stellar’s Lumen was among them. That came after the market suffered from “adjustments” but even now it seems the trend still isn’t backing up.
That being said, Stellar has had some better news to share with the market than most other coins and organizations besides the fact it too is not rising in value yet, and has to wait to get back in the green zone (no one is at the moment).
These new developments could send Stellar’s XLM through the roof before the year ends. Additionally, neutral cryptocurrency market observers are starting to put forward the idea that Stellar’s recent partnership with IBM could be the thing that gives Stellar the spotlight that Ripple’s had so far. Let’s have a quick look at this partnership.
IBM chooses Stellar
The partnership between Stellar and IBM is not exactly news, they’ve happened in the past but IBM was using only Stellar’s technology not their coin. This has just changed somehow.
An official IBM press release recently stated that they will be adopting Stellar’s XLM coin in their new partnership with Veridium labs, which is aimed at bringing the blockchain technology into carbon credits exchanges.
As we all know IBM needs no introduction at all. It’s been around since 1911 and it’s been at the heart of several technological revolutions. They’re huge, their credibility is unmatched. So IBM’s decision will surely bring a lot of attention to Stellar.
While this new development is only a single project it suggests that IBM is taking Stellar seriously enough that it is planning to expand its use on other projects sooner or later.
We first learned about IBM’s interest on Stellar when it announced (last October) that they are talking to many banks around the world in order to make Stellar the way to do international transferences.
Chances are IBM will be using Stellar for many more projects. There’s no proof of that so far but it’s only realistic when you evaluate the full context. And now that Veridium is in the mix IBM will be deploying their first digital token ever so that carbon credits can be traded through the Stellar network.
It bears clarifying that the carbon credit trades need to comply with lots of international regulations and restrictions, so this is not a network that is going to be all that public. The trade will happen through the public chain for sure but restrictions and authorizations must be enforced so some of the transactions will only be available by permission.
Even an IBM representative has expressed the view that Stellar may beat Ripple for the international transfer market. This happens because both currencies are aimed at connecting people and banking systems (as opposed to becoming a retail currency).
Ripple has acquired many partnerships that include some of the world’s most important banks, so it’s very well positioned still. But IBM, how will presumably be behind Stellar from now on, has partnerships of its own with equally important institutions. So yes, IBM could do the difference.
BloomX Chooses Stellar
There’s further good news for Stellar, besides the carbon credits thing. BloomX has confirmed they are adopting stellar to process their payments. They regard Stellar as highly scalable, simple to use, fast, cheap and reliable so it matches their needs just perfectly. And now, they’re on board.
Stellar and the Market
As stated before, most coins are in the red zone right now (again), and Stellar is as well. It’s decreased in value about 2.35% which is not an impressive thing at all, but considering the fact that others are losing even more, shows that the coin is stable somehow.
Stellar gained value against Bitcoin (BTC). Again, not that impressive (below 1% right now), but it still shows that this token is gaining value and that’s how big trends start always. Right now it’s at $0.28 per token.
So Stellar’s advancement is clear to see, and further development, trade volumes, and good news could make it likely for Stellar to actually take over Ripple’s spotlight in no more than a few months.
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