Stellar, an open-source platform for distributed payments, is reportedly the first distributed ledger protocol to obtain Sharia compliance certification in the money transfer and asset tokenization field, according to a Stellar blog post published July 17.
The Shariyah Review Bureau, a leading international Sharia advisory agency licensed by the Central Bank of Bahrain, has examined the capabilities and applications of Stellar and released guidance that allows for the deployment of Stellar technology in Islamic financial institutions.
With the certification, Stellar will ostensibly be able to enhance its ecosystem in regions where operation in the field of financial services requires compliance with Islamic financing principles. This move will allow financial institutions located in the Gulf Cooperation Council and some parts of Southeast Asia to implement Stellar technology in their Sharia-compliant product and service offerings.
While Stellar calls itself “the first” Sharia approved distributed ledger protocol in the area of money transfers, cryptocurrency NOORCOIN was certified with a Sharia Certificate from the World Sharia Advisory Committee in March, calling itself “the first sharia-compliant utility token.”
In April, Bitcoin (BTC) was recognized as “generally permissible” under Sharia law according to a report released by an internal Sharia advisor to fintech startup Blossom Finance. The author of the report, Muhammad Abu Bakar, concludes with a warning, saying that while he considers digital currencies to be halal (permissible), in most cases traders should not purchase them for investment purposes.
Last month, South Korean blockchain lab IncuBlock signed a Memorandum of Understanding with a Malaysian government advisory committee for blockchain tech development permissible under Sharia law. The entities will work on developing a blockchain platform and a decentralized application (DApp) that will meet the “social requirements” to be considered halal by the Sharia Commission.
Stellar Intraday Trading could bring Positive Results; XLM Hovers Around $0.058
The market opened with a downtrend today. Just after a few hours, there was a slight improvement in the coins’ prices. We are expecting that by the day’s end, the speculative upsurge would also take place. Stellar (XLM) is on the same path. The currency started with a loss and is reflecting positive signs of turning into profit. The last couple of days have been quite impressive for Stellar. Traders are interested in the coin more than ever.
Stellar Price Analysis
If we look at Stellar price movement since yesterday, it is indicating a slight upsurge. Yesterday, XLM started with a volatile movement. The price slipped from $0.05899 to $0.05832 by 1.13%. There was an immediate recovery in the XLM price. The counters jumped to $0.05922 by 1.53%. Later, the XLM coin price dropped once again and reached from $0.05931 to $0.05806 by 2.10%. Towards the end of the day, the price switched from $0.05836 to $0.05927 with a progression of 1.56%. The day closed with a moderate intraday profit of 0.14% at $0.05868. Today, there was a similar movement as yesterday. First, Stellar price jumped from $0.05868 to $0.05919 by 0.88%. Further, the currency slipped from $0.05919 to $0.05839 by 1.36%. However, XLM has once again started recovering.
The traders are already impressed by the momentum of Stellar. The market cap is at 1,178,942,347 USD. The 24-hour volume of Stellar is 169,319,469 USD. There are 20,084,644,343 XLM coins currently circulating in the market. The ROI stands at 1872.61%.
The future of Stellar Lumens might bring the traders a colossal profit. It is anticipated that XLM might cross $0.073 by the end of the year. The currency seems promising for the long-term traders as it would bring them the expected result.
Stellar Grows by 0.8% Overnight; Eyes at Resistance of $0.0599
- Stellar gains 0.8% in the last one day.
- It may find the next resistance at 0.0599 USD.
Stellar has started the week with a 0.8% hike in the trading value against USD. It is now roaming around 0.058 USD. It has been through three major price variations in this period.
XLM to USD Price Analysis-
Between 01:07 UTC and 07:33 UTC, XLM price made a heavy gain of 1.03% and added 0.0064 USD to the value. This lifted it to 0.059236 USD, the highest point for the day. This was followed by a fall of 1.85% and lost 0.001099 USD, and it had a break at 0.058534 USD. The last swing for the day is a hike of 1.56% that took it to 0.059051 USD after a surge of 0.000908 USD.
Stellar Price Prediction-
Stellar has been through many volatile phases since the starting of this year. The current trading value is way behind its YTD high of 0.145 USD. However, experts’ prediction hints at a bullish medium-term for Stellar. The next resistance for the coin may fall at 0.0599 USD. Investors are advised to wait for the long-term to realize maximum returns.
Resistance and Support Levels-
R1- $0.059055, R2- $0.059987, R3- $0.061177
S1- $0.056933, S2-$0.055743, S3-$0.054811
Interstellar, a Startup Focused on Stellar Network, Appointed Mike Kennedy, as CEO
An enterprise organization concentrated on developing the stellar framework, Interstellar, has designated Mike Kennedy as Chief Executive Officer recently. Interstellar has created another organization which present CEO Adam Ludwin will lead.
We are thrilled to have Mike lead Interstellar through its next phase of growth. Mike’s record of success founding and growing Zelle [fka clearXchange], his innovation in mobile payments, FX and banking, and his history as a high-impact advisor to Stellar make him the perfect fit to lead Interstellar.
Alongst Kennedy’s deputation, Interstellar additionally declared that it is “spinning-out a new app-focused company” known as Pogo, which has been in stealth mode for quite some time. Kennedy will supplant Adam Ludwin, the previous RRE Ventures partner and the present CEO of the blockchain payments startup Interstellar.
In the meantime, Ludwin will proceed to steer the organization’s most recent project, Pogo, a subsidiary that will concentrate on applications and mobile wallets. Further, Kennedy’s designation as CEO at Interstellar pursues the news that Franklin Templeton, Investment fund, plans to tokenize the part of a government currency market fund on the stellar system.
Besides, as CEO, Mike will direct all aspects of Interstellar, by focusing on helping to expedite the adoption of the stellar system for worldwide payments. Mike is an accomplished official with notable payments experience. Moreover, he established, led, and sold Zelle (fka clearXchange), one of the most prominent Peer-to-peer payment frameworks in the US.
Furthermore, Kennedy’s system Zelle, the payment framework is utilized by Citi, JPMorgan Chase, Bank of America, and several other finance-related organizations, as indicated by its site. Additionally, it claimed that Zelle oversees over 50 billion dollars in transaction volumes from more than 25 million clients.
Interstellar was initiated in 2018, from an acquisition deal with Lightyear.io, a startup based on the stellar protocol, and a decentralized ledger technology builder chain. Meanwhile, the organization expressed that it planned to provide enterprise solutions for embracing the stellar blockchain, created by the non-profit SDF (Stellar Development Foundation).
Regardless, Interstellar is developing the system by building the payment layer on stellar, a sector where Kennedy has broad experience. The organization has been associating with different banks, authorized non-bank providers and organizations, and building layers to attract a more extensive client base, as indicated by Kennedy.
Presently at Interstellar, Kennedy intends to work on with similar giants like correspondent banking and the SWIFT payment framework. Over and above, most traditional financial organizations use these instruments to transfer cash universally; however, Kennedy said blockchain could do it quicker, more reliably and at a lesser cost.