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.
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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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Is Ethereum Still Searching For Its Bottom?
The crypto space has mostly been seeing drops in value during the last 30 days, and it was clear that the bear market of 2018 still has enough energy to cause further damage in this year as well. Most coins occasionally felt a slight growth, although it was not big enough to spark a real rally and shake off the bears.
When it comes to Ethereum, the coin has been dropping continuously since January 10th. ETH experienced high volatility ever since it broke down a $180 support on November 14th, 2018. A small rally starting on December 15th started taking ETH back up, although the highest it managed to reach since then was $159.58 on January 6th, 2019. Since then, the coin’s price entered another free fall, although it never dropped below $100 since then.
The coin seemingly found some stability in the final days of January, when it was trading at around $119, although another drop followed in the first days of February, and Ethereum nearly dropped to $100 on February 6th.
However, February 8th brought a new surge which affected the entire crypto market, bringing the coin’s price back to $144.15, which is its price according to TradingView at the time of writing. The new surge exceeded 11% in the…
Last Week’s Top 3 Most Significant Crypto Events
The crypto space never sleeps, and there is always something going on. Every day, there is some interesting event worth mentioning, some of which may even have significant consequences on the entire crypto space. With that in mind, here are the top three crypto events related to the crypto space that occurred in the previous week, and which may have impacted the world of digital currencies in one way or another.
1) A crypto Whale moves a large portion of XRP
Many have probably already heard the term “Crypto Whale,” as it is quite common to find discussions mentioning them and their activities. The term is a name used for coin holders which tend to buy, sell, or move massive amounts of digital currencies. These are usually professional investors with large funding who can impact the crypto market in any way they please, and make the prices rise or fall depending on their calculated business decisions.
They are called Whales because of the large amounts they move, which usually have a pretty big impact on the market. And, since they are so influential, there are many in the crypto space that have made it their mission to follow the activities of known Whales, and base their business decisions regarding the Whales’ movement.
One example is the Twitter account known as Whale Alert, which has around 50,000 followers. This…
TRON Ecosystem New Addition — CryptoDungeons
According to the recent Medium post published by TRON Arcade, a blockchain-based RPG called CryptoDungeons is to become the latest hit on the TRON blockchain.
— TRON Arcade (@TRONArcade) February 9, 2019
The announcement was published on February 8th, and it states that the CryptoDungeons TRON game is still in development. However, the team is preparing to announce a presale soon, meaning that the official launch is not far away.
CryptoDungeons was originally developed to be a part of Ethereum’s network. However, the team has decided to bring it to TRON instead. Soon enough, the fans of the game will be able to experience its story, universe, and characters on TRON blockchain.
The game is centered around Heroes who can be bought and used for exploring dungeons, crafting various items, gathering food, and alike. The game also offers five races for players to choose from — Humans, Elves Dwarves, Orcs, and Angels. Additionally, there will also be four classes, including Warriors, Mages, Rogues, and Priests. Each class will have its own unique abilities, with the Warrior class being presented as an example. The abilities that this class features include Strike, Heavy Strike, Shield Wall, Shield Slam,…
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