XLM Price Action Analysis
The trading crowd seems to be pumped up by all the hype and XLM price has broken above the daily Ichimoku cloud both as traded versus the US dollar, as well as Bitcoin.
Looking at the XLM/USD daily chart, the pair confirmed the break above the cloud on Wednesday and spent Thursday pulling back as the Ichimoku strategy normally pans out. The future cloud is bullish and all five of Ichimoku moving averages are moving up. The Chiko span has yet to cross above the cloud, indicating we could still see some consolidation before the pair reaches the key resistance levels of 12 and 15 cents respectively. With that, some traders may consider the upper band of the Ichimoku cloud a buying opportunity.
IBM Vice president on Stellar: “Potential to really change the World”
Following the announcement by IBM that they would be partnering with Blockchain company Stellar for their remittance payment system called World Wire, IBM Blockchain Vice President Jesse Lund, explains how World Wire will solve the problem of global payments and why IBM chose to build it on the Stellar network.
In a recent Youtube video, Lund talks about the fact that 2 billion people in the world do not have access to financial services, calling this “unacceptable”. Lund also explains that due to the current traditional global payment infrastructure, it is more efficient to courier money via FedEx, stating “when it becomes more efficient to FedEx cash, something is wrong”
Lund explains that if everyone is using a shared ledger, bank balances can have relationships with other banks in one system, eliminating intermediaries. IBM have since partnered with Stellars protocol to create their latest product called World Wire. World Wire is a network that works with the Stellar protocol to effectively transfer and store value for digital assets.
Lund talks about why IBM chose to work with Stellar, stating that Stellar have thought about scalability, “Stellar provides an amazingly simple way to issue digital assets, which is really paramount to the use and the vision behind the World Wire system”.
Read more: 4 questions (and answers) about World Wire and the rise of Stellar’s XLM
Stellar will allow World Wire to focus on global payments, allowing “thousands of players who could come to the network and add value”.
Lund explains that the integration of World Wire with Stellar has been “very well received, Stellar got it right at the right time”.
The Youtube video concludes with Lund saying “So when you combine all of what Stellar does, all of what IBM is trying to do with World Wire and you put those together, now all of a sudden you have a capability that has the potential to really change the world, to have an impact on humanity and I think that’s really cool”
Stellar provides a bridge between private networks and Bitcoin’s open wild-west network, says IBM’s Jesse Lund
Stellar and IBM partnership led to the creation of World Wire, a solution for moving money across borders and domestically with less friction.
In the video released by Stellar Development Foundation, Jesse Lund, the head of blockchain solutions at IBM, spoke about the traditional payments rails and how they were archaic and in a dire need of an upgrade. Lund also explained the partnership dynamics between Stellar and IBM that led to the development of World Wire. He also added that Stellar and IBM snatched the opportunity just in time.
Moreover, Lund said that it was faster and efficient to move money through FedEx than traditional payment channels, which was “unacceptable” considering the 2 billion people that still do not have access to payment services. He stated:“Modern technology hasn’t provided a way to optimize the movement of money around the world…”
Lund continued that it would be easy if all the banks in the world were on a single platform and interconnected with each other, but “that (was) not realistic, not feasible at least not until now”.
He said that if every bank was using a distributed ledger, it would be possible to represent the balances of every bank in one system as every bank would be conceptually interconnected with each other. This would eliminate the “hops” and the “intermediaries”. He added,
Moreover, Lund explained:“We chose stellar because it has thought about scalability it’s rethought the underlying mechanics and some of them are quite complex… the other benefit of Stellar stellar provides an amazingly simple way to issue digital assets which is really paramount to the use and the vision behind the world wire system.”
Lund added that Stellar provided a bridge between a private network and Bitcoin’s open wild-west network. Lund also mentioned that it was possible to create sub-network and enforce certain rules on the participants while not giving up the transparency and the openness of having an open network.
Stellar Lumens [XLM]: Western Union partners with Thunes to explore cross-border payment solution using blockchain
After Ripple, Western Union has partnered with Thunes, a cross-border payment network, to improve its network, and provide more value in emerging markets.
Thunes, previously known as TransferTo, partnered with Stellar.org to further enhance the way in which money is transferred across borders. The partnership between Thunes and Stellar will leverage Stellar’s distributed ledger to obtain instant clearing, settling, and execution, enabling value to move across borders and directly between banks and payment gateways.
Speaking to Fintech Magazine, the CEO of Thunes, Steve Vickers, said,“Our payments platform seamlessly interconnects payment providers globally and enables interoperability between diverse payment systems, and by utilizing our vast network Western Union Customers will now have more flexibility when sending money across borders.”
This partnership follows Stellar and IBM’s launch of World Wire, a cross-border payment solution, in 72 countries around the globe. World Wire will operate on the Stellar blockchain and its native asset Lumens XLM, but since it is currency agnostic, a wide range of currencies can be used, including fiat currencies.
The partnership between Stellar and Thunes was struck in July 2018 to further improve Thunes’ reach into emerging markets. However, the reach of both Thunes and Stellar has grown since then.
Sandra Yao, SVP Africa at Thunes,told Fintech Magazine,“We are very excited with this partnership. Obviously, digitization is a very big thing and it’s a very big move for Western Union to move from traditional cash payout now to the digital wallet payment. We’re happy to bring on board value-added service for them.”
Additionally, Yao stated,
@GoodTexture, an XLM enthusiast and Twitter user, commented,“Western Union gave #Ripple the cold-shoulder repeatedly because of secret developments on #Stellar in the background. Unbelievable $XLM”
@samconnerone, another Twitter user and XLM enthusiast, tweeted,“Damn it’s a wrap….Western Union partners with Thunes….Thunes is the rebranded arm of TransferTo…TransferTo uses @StellarOrg. Any questions?? #XLM #Stellar”