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New York Regulators Say Yes: itBit First to Add Stellar Lumens (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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Altcoins

Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

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Altcoins

Hodium Presents a Compelling Opportunity for Outsized Investment Returns

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Hodium
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I’m sure all of us remember the cryptocurrency glory days of 2017 and early 2018.  It was one of the biggest bull runs in history and created incredibly wealth for quite a few early entrants.  Unfortunately, for most of us, those gains have most likely been wiped out during the altcoin apocalypse.  The truth is that traders probably thought a bit too highly of their trading abilities when the reality was that anyone could have thrown a dart at a board and ended up making money.

As markets mature (and the crypto market is definitely maturing) it becomes more and more difficult to generate alpha.  In that regard, it’s similar to traditional financial markets.  I can remember trading during my high school days.  It was the late 90s and right in the middle of the dot.com boom.  Eventually, however, the euphoria fades away and reality hits hard.  Now, it’s become rather difficult to actually trade profitably which has given way to the rise of hedge funds.

Hedge funds are investment funds that pool capital from accredited and/or institutional investors and invest in a variety of assets, often with extremely complex portfolio-construction and risk management techniques.  The professionals employed by hedge funds are the best of the best and have spent years honing their craft.  That is why they’re able to make the millions of dollars that they normally…

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Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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