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Stellar Lumens (XLM): The Biggest Victim of the Market Dip despite New Partnerships

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It seems that Stellar Lumens just can’t get on the right foot with the crypto market. Despite having this currency going into the partnership with BluepanNet and having Stellar’s own currency XLM getting listed on Koinex, one of the many exchange markets in the world of cryptocurrencies, XLM is still going down in its price. What Stellar Lumens has been up to these days and how come XLM can’t seem to recover?

Stellar Lumens and BluepanNet

The partnership with BluepanNet that Stellar concluded a week ago can be marked as a huge success for this crypto. In case you are not sure what BluepanNet is, you should know that this company represents the biggest remittance institution run by blockchain technology.

BluepanNet was launched back in 2015 when it was known as Bluepan. Bluepan has previously tried using Bitcoin for making fast and cheap cross-border payments, but Bitcoin seems to have failed while being tested for cross-border payments. That is how BluepanNet turned to other alternatives, choosing Stellar Lumens to enable this option when it comes to making global transactions while paying low fees and having transactions processed within a couple of seconds.

Stellar Lumens and its currency XLM are originally known for providing fast transactions around the globe while applying extremely low fees, all powered up by blockchain technology, and that is the main reason why BluepanNet choose to use Stellar for enabling cross-border payments. Stellar was successfully tested for this feature and then the partnership was sealed.

This is a pretty interesting turn of events as we can witness what happens when a non-profit organization pairs up with one of the representatives of decentralized blockchain technology.

The main objective for BluepanNet is to help the working immigrants in Asia by lowering the fees they are paying for transactions. The World Bank has also taken the initiative to have these fees lowered to 5%.

Irene Energy Migrating from Ethereum to Stellar

Another major success for Stellar Lumens was marked when another currency, Irene Energy decided to switch platform, migrating from Ethereum to Stellar Lumens platform. Ethereum is known as the 2nd biggest crypto on the global coin ranking list, as well as being known for having one of the largest blockchain-operated decentralized platforms on the market.

So, needless to say, having a coin transferring from one of the biggest platforms like Ethereum to Stellar can definitely be marked as a major success for this platform.

Now, Irene Energy has Stellar Lumens network hosting their token called Tellus. Tellus represents the first ever green token to be launched in the crypto market. Irene Energy represents a supplier of renewable electricity and has just chosen Stellar instead of Ethereum for operating with their Tellus tokens.

When asked how come Tellus is now hosted by Stellar instead of Ethereum, given the fact that Ethereum has the needed flexibility in its programming ledger while Stellar does not, Irene Energy answered that they do not need those type of services in order to operate properly.

The team behind Irene further added that they decided to switch platforms simply because they could. Furthermore, they have added that they do not need smart contracts as the crowd-sale feature Stellar has is just what they need for their project of promoting and distributing renewable electric energy.

One of the main reasons why Irene Energy decided to have their token hosted on Stellar is the fact that this platform is focused on micro-payments, which is exactly what they need for their project.

Yet, another reason for transferring their tokens to Stellar is the fact that this platform is energy-efficient which goes hand in hand with the “green” nature of Irene Energy. Transactions made with Stellar will also take only 0.01% of the amount being processed, so Irene Energy favored the fact that their users can enjoy pretty cheap but fast transactions.

In the end, Irene Energy was “bought” by the fact that Stellar ecosystem has a built-in exchange ledger so they wouldn’t have to bother to look where to list their tokens. Finally, thanks to the traditional easily operative crowd-sale feature that Stellar possess, Tellus took its spot on the Stellar Network.

Koinex accepted Stellar (XLM)              

The final triumph of Stellar’s currency was getting accepted by another exchange market – Koinex. Stellar Lumens was listed on Koinex where this exchange market later announced on Twitter that Stellar Lumens would be available for live trading on their exchange market as of March 10th.

Given the fact that Stellar was doing pretty well in the past week, pairing up with BluepanNet, getting listed on Koinex and having Tellus tokens hosted on Stellar’s own network, how come Stellar Lumens turned out to be the biggest loser of the market dip?

How is Stellar doing at the Current Moment?

Although Stellar marked the total dip of over 27% for the previous week, that way being pointed at as the biggest “loser” of the week (which is a bit harsh given all the credits Stellar Lumens should take for the success of its platform), crypto enthusiasts claim that XLM could only go up from the point where it is now.

Originally, it may happen that XLM falls down again before it is able to get back up, as noted by cryptocurrency analysts.

At the current moment, Stellar can be bought at the price of 0.15$ per one unit, and although it is obvious that XLM suffered from great loses during the market dip, spreading FUD and having SEC looking for regulating cryptocurrencies, Stellar can still make a promising investment.

With nearly 40 partnerships being sealed during the last year and more novelties coming up, Stellar could soon get back on the track with its price.

We will be updating our subscribers as soon as we know more. For the latest on XLM, sign up below!

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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How is the Crypto Market Changing?

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It has been around a month and a half since the start of 2019, and there are already some pretty obvious changes in the way the crypto market operates, especially when compared to the last year. Early 2018 was almost a complete opposite. The previous year started with cryptocurrencies at their strongest, only to see them crashing down after a few weeks. Back then, the ICO model was still quite strong, and so was the hype surrounding the crypto space. New investors kept entering the space, and new startups emerged with their tokens ready to be sold.

As the year progressed, things started to change. The prices continued to drop, the ICO model went down from around $1.4 billion in raised funds at the beginning of the year to only $100 million in the last month.

The ICO model lost investors’ trust, as many of the projects turned out to be either too weak to survive after the crypto winter struck, or scams which tricked investors out of their money and disappeared. Not to mention that the increase in ICOs popularity attracted the regulators who cracked down on them pretty hard, especially in the US.

With all of that happening, it is of a small surprise that the investors started giving up on ICOs, especially with the constant drops in prices which saw even the largest coins…

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Understanding the Uses of Different Types Of Cryptocurrencies

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Cryptocurrencies – a term which has become incredibly prominent in the mainstream media during recent years due to the proliferation of Bitcoin millionaires. As a result, the new form of currency has earned an almost infamous status. However, as with any major step forward, there is still much confusion regarding the use of cryptocurrencies, what different types of innovative electronic cash exist and what they might mean for the future.

We’re putting all of this to rest as we explain what each of the leading cryptocurrencies can do.

Bitcoin

The most popular form of cryptocurrency, Bitcoin was first thought up in 2008 by the elusive and still unknown creator, Satoshi Nakamoto, who published the whitepaper online.

It took almost a decade for the cryptocurrency to reach its peak, but in December 2017 a single Bitcoin roughly exchanged for the price of $17,000, meaning anyone who held a substantial amount of the electronic cash became significantly wealthy.

In its early years, the cryptocurrency was strictly used as an alternative for cash transactions, and predominantly for trading goods and services. However as it has increased in popularity, its range of uses has also widened, now deployed for a variety of purposes including acting as collateral for investments at merchant banks, a direct debit for subscriptions services and most notably for sports betting.

Ripple

Bitcoin’s closest source of competition, Ripple was founded…

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New DoJ Ruling May Cripple Gambling dApps

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A new decision made by the US Justice Department has expanded restrictions regarding online gambling in the US affecting gambling dApps. While the Federal Wire Act of 1961 prohibited online gambling regarding sports since 2011, the new decision expanded on this, and it now includes all forms of internet gambling. Unfortunately for many, this now also includes cryptocurrencies.

The new decision came due to considerable difficulties when it comes to guaranteeing that only interstate betting will take place and that payments will not be routed via different states.

The new announcement was explained in a 23-page-long opinion issued by the Department of Justice’s legal team, which pointed out that the 2011 decision misinterpreted the law. According to that decision, transferring funds was to be considered a violation, but data transfers were not included. By exploiting this oversight, it was possible for gamblers to turn to internet gambling. Unsurprisingly, many have realized this early on, including startups, as well as large, established firms. This, of course, also included cryptocurrency companies as well.

The new decision changes what is allowed online

The decision to include all forms of internet gambling is a massive hit in the…

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