Connect with us

Altcoins

Stellar Will Rise Due To New Acquisition

Published

on

Stellar will

Stellar will continue to be in the headlines for all the right reasons after its new acquisition Chain, which is backed by Visa. It all started with news that Stellar will be used by IBM in a cross-border payments solution that will rival that of Ripple. The clearing and settlement of payments with finality will be possible through almost instant speed. The solution does not directly state that it will use XLM as the instant source of liquidity, but the guess is that this is how it is going to happen.

Stellar Foundation Acquires Chain which is Backed by VISA

The above news was only one week ago and now the Stellar foundation – through its Stellar Development Fund – has purchased Chain. The latter is a blockchain startup that is backed by some of the biggest names in finance and enterprise adoption. Chain’s existing investors include VISA, Nasdaq and Citi Ventures.

The new firm created from the acquisition is known as Interstellar. Its CEO, Adam Ludwin, had this to say about the new venture:

“All of the clients that we have now have effectively shifted from using a traditional database model to using a tokens model, issuing assets on a local environment. By partnering with Stellar you can fire an asset to another institution.”

The Stellar Development Fund is the profit-oriented arm of the Stellar foundation and is also known as Lightyear. This means the Chain and Lightyear names/brands will be dissolved as a result of the deal. Interstellar, being the new venture, will employ 60 people with two headquarters in San Francisco and New York City.

Ludwin hinted that the acquisition was in the tune of $40 Million. He added the following:

“Chain did not need to sell the company. This needed to be a great strategic move and a great return and it was both.”

Jed McCaleb, the founder of both Ripple and Stellar, will take over as the CTO (Chief Technical Officer) of the new Interstellar firm. Chain’s existing customers using its core software (Visa, Nasdaq, Citigroup, Cloudwalk and LPS) will now be served by Interstellar.

Stellar will rise

The last few weeks have really been great for the XLM cryptocurrency due to the aforementioned news. If all the developments were made during a Bull run, the price of XLM would not find it hard to get to the much needed $1 value. Looking at the markets right now, XLM is currently valued at $0.19 and down less than a percentage point in the least 24 hours.

Going further and comparing the digital asset with XRP, it seems that the latter has stagnated in the markets due to the general FUD that it is a security. The Ripple company has even gone ahead and issued numerous statements that Ripple and XRP are completely separate entities. They also add that the XRP ledger is open source and Ripple simply brought it to real-life problem-solving situations via its products of xRapid, xVia, xCurrent and RippleNet.

However, investors who still do not believe that XRP is truly decentralized, now have an option in XLM. The latter now has a use case through its cross-border payments solution with IBM. Also, with the new firm of Interstellar, the Moon is no longer the limit for XLM. The new limit is the outer reaches of our galaxy as the name Interstellar suggests.

For the latest cryptocurrency news, join our Telegram!

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.

Image courtesy of Pexels

Altcoins

Solana Price Surges Beyond $100, Dethroning Ripple and BNB To Secure Fourth Place

Published

on

By

Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.

SOL Outlook

Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.

The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.

This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…

Continue Reading

Altcoins

Solana Price Skyrockets to 20-Month Peak Amidst Memecoin Frenzy

Published

on

By

Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.

Catalysts Behind SOL’s Rally

Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.

The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.

Cited figures provided by DeFi aggregator DeFiLlama

Continue Reading

Altcoins

Solana Price Breaches $60 Amid a Symphony of Bullish Indicators

Published

on

By

Solana price has jumped more than 8% over the past week, breaching the important level of $60. At the time of writing, Solana was trading 3% higher at $61.07. The asset’s total market cap has climbed to $25.9 billion over the past week, ranking it the 6th largest cryptocurrency after XRP. The total volume of SOL traded over the last day has declined by 8%.

SOL’s Bullish Cues

Solana’s price has been among the best-performing cryptocurrencies this year amid continuous growth. The “Ethereum killer” has consistently impressed investors throughout the year on the back of a resurgence in bullishness, which saw SOL’s price climb more than 513% in the year to date. Institutional investors have also shared the bullish sentiment, making Solana their most preferred altcoin.

In the week ending November 24, Solana recorded inflows worth nearly $3.5 million, significantly more than the other altcoins’ inflows combined. The asset’s monthly inflows were higher at $40.2 million, lower than Ethereum’s $99.6 million inflows in the same period. Other altcoins, including Litecoin and Ethereum, noted significant outflows, making Solana nearly half of the home for DeFi. This implies that when it comes to institutions, Solana is currently the best-performing altcoin with the potential of a long-term rally much higher than other digital assets.

Notably, the Solana DeFi ecosystem accomplished a significant milestone earlier this week. Its Total Value Locked (TVL) hit a new yearly peak of over $655 million,…

Continue Reading

Trending