Today, BitGo announced that it is supporting Stellar. It is the first multi-signature wallet and custodial solution to support the digital asset Stellar Lumens [XLM] which is the asset owned by the Stellar network. XLM is an open source distributive ledger.
With Lumens added to the list of tokens and coins on BitGo, the custodial solution now supports 115 virtual currencies.
According to the blog post, the wallet offers the best security for institutional investors who have an eye for investing in different cryptocurrencies to deal-out the risks involved.
The solution supports 9 blockchains which include that of Bitcoin, Ethereum, Ripple, Stellar, and others. Along with these major cryptocurrencies, it also supports 5 of the 6 major stablecoins and 101 ERC-20 tokens.
According to Mike Belsche, CEO of BitGo, the network benefits its users with a unique payments system. The network’s infrastructure permits cross-asset transfers of value which includes cross-border payments and brings to its clients an instant clear, execution, and settlement platform.
“We’re continuously adding support for digital currencies that our clients express interest in, and lumens are a natural next addition. The Stellar network offers BitGo clients access to a public financial structure for cross-border transfers, making XLM an important new asset for investors,” said Ben Chan, CTO of BitGo
Earlier the network used a manual method to create a multi-signature wallet for Lumens. Currently, BitGo assures security to the cryptocurrency by providing the multi-signature wallet and custody solution
“As the leading institutional custodian service and business wallet in the market, BitGo provides a broad range of options for anyone interested in holding lumens. BitGo broadens institutional client exposure to Stellar by making it significantly easier and more secure to hold XLM,” said Jed McCaleb, Co-Founder, Stellar Development Foundation.
Coinbase Mulls Over Listing 31 Coins Including XRP (XRP), Stellar Lumens (XLM)
The exchange would decide whether to list or not those cryptocurrencies after conducting a technical and compliance analysis.
US cryptocurrency market Coinbase has announced a plan for the possible addition of 31 new coins to its trading roster. Ripple’s XRP (XRP), Stellar Lumens (XLM), Cardano (ADA), NEO (NEO), and Tezos (XTZ) are among the projects under consideration, the exchange said on Friday.
Coinbase did not disclose when it would decide to support or not the new digital currencies. The coins would go through the new firm’s listing process, which includes weighting each crypto on a jurisdiction-by-jurisdiction manner, meaning that some assets might only be available to customers in select territories for a particular period. Moreover, the fresh rules allow anyone to submit new coins but the Coinbase did not reveal whether some of the 31 projects had been offered by their development teams.
Along with XRP, XLM, ADA, NEO, and XTZ, the list of virtual assets under examination includes EOS (EOS), OmiseGo (OMG), Golem Network (GNT), Civic (CVC), Zilliqa (ZIL), Augur (REP), IOST (IOST), Chainlink (LINK), Kyber Network (KNC), Dai (DAI), Status (SNT), Loom Network (LOOM), Aeternity (AE), Aragon (ANT), Maker (MKR), Decentraland (MANA), district0x (DNT), Enjin Coin (ENJ), Kin (KIN), Loopring (LRC), Mainframe (MFT), Po.et (POE), QuarkChain (QKC), Request Network (REQ), Storj (STORJ), and Bread Wallet (BRD).
“Adding new assets requires significant exploratory work from both a technical and compliance standpoint, and we cannot guarantee that all the assets we are evaluating will ultimately be listed for trading,” Coinbase explained in a blog post.
“Furthermore, our listing process may result in some of these assets being listed solely for customers to buy and sell, without the ability to send or receive using a local wallet.”
Stellar Lumens and Cardano were part of a Coinbase listing announcement from July along with Ox (ZRX), Zcash (ZEC), and Basic Attention Token (BAT). The latter three projects were added in previous months. Currently, Coinbase also supports trading in Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Ethereum Classic (ETC). The company joined Circle’s US dollar-pegged project USD Coin (USDC) and added the coin as a basic currency.
In September, Coinbase changed its listing rules due to a crypto community criticism over the unspecified support announcement for Ethereum ERC20-based tokens and the significant impact on ETC price in the period before adding the asset. The exchange reaffirmed its commitment to ERC20 projects again.
XLM price analysis: What did the Blockchain.com airdrop do for Stellar?
At the beginning of November, wallet provider Blockchain.com announced an airdrop of Stellar Lumens tokens worth the equivalent of 125 million US dollars. An airdrop is essentially a donation of free coins to users of crypto currencies. The blockchain.com started to distribute the crypto currency to millions of users. Each of these users receives a gift of Stellar worth about 25 US dollars. The whole process will take several months and the amount of Stellar distributed to individual users will vary depending on the region. The Blockchain Airdrop is considered to be the largest of its kind ever. The occasion was the introduction of Stellar in the Blockchain Wallet.
Effects of the Airdrop on the price of Stellar
The idea for the Airdrop was probably not only to celebrate the introduction of the Stellar Lumens currency at Blockchain, but also to increase users’ interest in the Stellar Lumens (XLM) currency in general and to encourage them to continue buying Stellar. In the end, one reason was probably the increase in Stellar’s exchange rate. But was this successful? A look at the share price performance provides clarification:
On November 6th, the day of the announcement of the Airdrop on the Blockchain blog, the Stellar price was about 0.2511 USD. At that time, the price was already in an upward leading curve. Perhaps triggered by the news, it jumped briefly the day after the announcement to 0.2643 USD and then fell slightly the next day to around 0.22 euros (0.2481 USD).
With slight fluctuations, however, the price continued to climb and reached a high of USD 0.2798 on 12 November 2018. Although the crypto currency was distributed on the first day of the announcement, the price fell afterwards and has continued to fall since then with a few exceptions. On the 25th, it reached a low of 0.1333 USD, then recovered briefly to 0.1589 USD and on the 27th it is back at about 0.12 Euro (0.1356 USD). According to CoinGecko, the XLM price has fallen by 38.6 % in the last 30 days (as of 27.11.2018). Over the course of a year, however, the price has risen by 136.2 %, which in turn offers reason for hope.
The Stellar Lumens currency is currently the sixth largest crypto currency in the world by market capitalization. Its market capitalization is just under USD 3 trillion. One reason for the collaboration between Blockchain and Stellar is the confidence that it is a superior Blockchain that can handle a very large number of transactions, Peter Smith, CEO of Blockchain, told Fortune. Stellar was developed by Jed McCaleb, who was also responsible for the development of Ripple. The Airdrop runs through the Wallet Blockchain, but is paid by Stellar alone. Stellar wants to use the wallets of about 30 million Blockchain users for this.
STELLAR (XLM) Daily Price Forecast – December 7
XLM/USD Medium-term Trend: Bearish
Supply zone: $0.2000, $0.2500, $0.3000
Demand zone: $0.0800, $0.0600, $0.0400
XLM continues in a bearish trend in its medium-term outlook. The breakdown at the key demand level on 5th December as XLMUSD dropped to $0.1336 in the demand area and subsequent retest on 6th December was a confirmation to downtrend continuation.
$0.1011 in the demand area was low of yesterday as the bears’ pressure continues aiming for a new low before the session ends today.
Price is below the two EMAs and the EMAs are fanned apart which suggest strength in the context of the trend and in this case the downtrend. The stochastic oscillator is in the oversold at 19% an indication of downward momentum in price.
XLM/USD Short-term Trend: Bearish
The cryptocurrency is in a bearish in its short-term outlook. Lower highs and lower lows that are synonymous with downtrend trending market have been XLMUSD pattern. $0.1389 was the high while $0.1257 in the demand area was the low before the end of yesterday session.
The bear pressure was sustained after opening with a drop in price to $0.1011 in the demand area as the bulls gradually pullback.
XLMUSD was up at $0.1171 in the supply area as the bulls gradually return. This was the 38.2 fib level a trend continuation zone. The bullish pressure may be sustained up to the 50.0 or 61.8 fib level before the bears’ strong comeback.
This may continue the journey down south as the stochastic oscillator signal points up which implies upward momentum in the short term.