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New York Regulators Say Yes: itBit First to Add Stellar Lumens (XLM) - Global Coin Report
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New York Regulators Say Yes: itBit First to Add Stellar Lumens (XLM)

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XLM
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While Stellar Lumens (XLM) is making progress in the terms of further development with the newly presented Mobile Phone Network YOVO, we can see it going up in the market today by 2.68% against the dollar, showing progress in form of a rising price as well.

Alongside with progressing in the market and presenting new developments, Stellar seems to be active in the field of listings as well, as it was announced that XLM is to be added on a new exchange on June 14th, as well as having a revolutionary listing on a fiat-crypto financial service in New York, itBit.

New York Regulators Epilogue: itBit to add Stellar Lumens

In the last couple of days, New York Department of Financial Services has given the green light to several currencies, including Stellar, making it legal for the currencies to be traded and operated within the state of New York.

Alongside with approving Stellar Lumens, the Financial Department of New York has additionally approved several more digital assets, including Bitcoin Cash, Ethereum, and Litecoin, while also approving Stellar Lumens only a day ago on June 14th.

By approving the mentioned currencies, the New York’s Financial Department deemed these digital assets to be approved and added by the interested banking and financial institutions that are dealing with providing requiring services.

One of the first interested banking service providers of such kind was itBit, which is a New York-based exchange, representing a branch of Paxos Trust Company, which is a massive chain of banking service providers that deal with digital asset accounts.

Just as Russia managed to meet the need for cryptos half-way by allowing cryptos to be spent when an where applicable and only in case the used digital assets are trusted and safe, that is how the state of New York and their Financial Department have approved ETH, XLM, LTC, and BCH for being added to financial services in New York, which means that it is determined that operating with the approved coins is safe.

That means that blockchain startups and blockchain and digital asset users will now be able to open an account with Paxos Trust Company’s branch itBit, having their digital assets safely managed from their official accounts.

The regulations brought by the New York’s Financial Department can be marked as revolutionary or at least near-revolutionary as Stellar alongside with its peers from the top list just got the green light from the State of New York, allowing cryptos to come even closer to mass adoption and the mainstream waters of the financial circles in New York State.

The co-founder and CEO of Paxos’ child branch itBit stated that they were able to add Stellar to their list of services because XLM was not marked as a security, which means that since it doesn’t represent an asset similar to bonds or stocks, XLM was approved by Bit License, without having to go through a long and tiring process which would be initiated by SEC if XLM was deemed as a security.

Before the approval on the behalf of the newly added currencies to the service offerings of itBit, this banking institution was only approved of using Bitcoin and offering crypto services related only to the first coin ever to be created, BTC.

Bit License, which is the official approval and a definite pass for Stellar, Ethereum, Bitcoin Cash and Litecoin, was created before this occasion as a way of enabling parties that are interested in crypto accounts and asset management in the state of New York, to make that possible under regulatory basis.

However, Bit License only applied to Bitcoin accounts until June 14th with Stellar being added in this stated with the official approval for the first time.

Stellar Lumens (XLM) Performance

Stellar seems to be doing great today as we can see it going up by 2.86% today while it went over 4% on June 14th when it was also approved by the New York Financial Department and added to itBit.

After the change in the market that took place in the last 24 hours, XLM can now be traded at the price of 0.23$, while still ranked as the 7th-best currency in accordance with its market capitalization of around 4.4 billion dollars.

Getting the green light from the state of New York and passing regulations as a nonsecurity, Stellar might get to see additional gains in the following weeks, on the behalf of being added to itBit.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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