The new exchange supporting Stellar (XLM), National Digital Asset Exchange Inc. (NDAX) is a Canadian cryptocurrency exchange based in the province of Alberta. It was designed to serve both retail and institutional clients with the highest quality, security, and compliance with legal standards. Unlike most of the world’s crypto trade platforms, NDAX is fully integrated into the domestic Canadian banking system which allows for more fluidity between the crypto and the traditional financial systems.
Legality is a core issue for NDAX as it’s registered as a Money Service Business in Canada and it practices a philosophy to engage with regulators and traditional financial institutions in a way that can set a new standard in the Canadian cryptoverse. That emphasis on compliance allows NDAX to secure banking services provided by domestic institutions, and to keep the client’s funds in the domestic economic system, instead of sending them offshore.
Earlier yesterday, the Canadian platform announced it’s introducing Stellar Lumens native asset (called XLM) into its trading platform paired against the Canadian Dollar. Also, trading in this pair will remain free until January 31st, 2019.
— Stellar Reddit (@RedditStellar) November 28, 2018
It’s not typical for assets like XLM to be listed paired against the local fiat currency. Most commonly, exchange platforms around the world, do not allow for buying XLM directly but they pair it against Bitcoin. In other words: if you want to get some XLM tokens, you must first buy some Bitcoin and then you can use the trading platform to exchange them for XLM.
NDAX is not even going to offer an XLM/BTC pairing in the beginning, but it informed in the announcement it will be introduced as soon as a sufficiently liquid trading market develops. No time frame was mentioned for this.
Stellar Lumens is a third generation blockchain project that aims to be a full-fledged platform for decentralized applications and smart contracts based on its native token, XLM. It’s found lots of use cases in the traditional financial world. In this regard, it’s been following on Ripple’s steps and securing strategic alliances with some of the most important banks and remittance services in the world to make the settlement of international transactions as painless, safe, quick and cheap as humanly possible.
One of Stellar Lumens’ critical partners is none other than IBM. Big Blue has chosen this blockchain project as its only partner in the cryptosphere. That means that all the research and project development IBM is doing to explore the uses of blockchain technology will be carried out in association with Stellar Lumens and using Stellar’s technology. If you remember what IBM and Microsoft’s partnership did for Bill Gates in the 80’s and beyond, you’ll understand that this is a huge advantage for Stellar.
The NDAX announcement is great news for a project that’s been reporting lots of good news all year long, and that has managed to keep growing despite the bearish conditions in the market.
Stellar (XLM) is currently trading at $0.1562 in red numbers (6.89%). It’s capitalized at roughly 3 billion USD, which makes it the fifth cryptocurrency by market cap.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and 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 Pixabay.
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