Stellar (XLM) Joining Roster of Bitpanda-Traded Assets
Bitpanda is adding XLM to its selection, offering an asset often compared to Ripple’s XRP in terms of its potential.
Bitpanda has scheduled the addition of Stellar (XLM) for later this Thursday, as seen on Coindar. The listing of one of the hottest and most prominent digital assets comes just days after Augur (REP) started trading on the exchange and precedes the addition of 0X (ZRX), the decentralized protocol.
Bitpanda has continued expanding to ERC-20 assets but has accepted the technical challenges of several different types of blockchains, including Komodo (KMD) and Ripple’s XRP (XRP). The addition of the Stellar network means the inclusion of yet another type of network.
The Stellar network is blockchain-based but uses a form of node delegation based on the reputation of nodes. It also consumes an asset called Lumens in payment of transaction fees.
At the moment, the XLM digital asset is relatively low-priced, especially after the latest market shakedown brought prices to levels not seen since November 2017. Following a recent bull run that saw it climb to $0.33, XLM has fallen by more than 24% this week to $0.20. The asset may now look attractive for small-scale buyers as Bitpanda allows for an investment as low as 25 euro.
The Stellar project is slowly gaining traction with the testing on the Exodus Eden multicurrency wallet.
In other news seen as positive for XLM, the project has partnered with peer-to-peer lending platform Celsius Network. The latter has worked with Lightyear.io, a project that offers commercial solutions based on Stellar’s technology. In the future, Celsius Network plans to partner with initial coin offerings (ICOs) on the Stellar network to organize lending services.
One of the hurdles to using Stellar is the need to own some coins to activate the wallet, but the minimum has been decreased to just one coin. The addition to Bitpanda would allow newcomers to Stellar to activate and test a wallet without resorting to more complicated exchanges.
While Coinbase is exploring Stellar for addition in the coming months, Bitpanda has, in effect, given users a convenient fiat on-ramp to own a digital asset seen as promising. The exchange is careful about its portfolio of assets, and XLM is viewed as achieving a price feat similar to XRP on top of having a similar real-world application.
The XLM digital asset remains volatile, risky, and highly dependent on Korean speculative trading. Its use cases are still in the testing stage, and it is possible some forms of transactions may not require the XLM asset. It remains unknown how the specialized solution for the Kik chat app would work, and it may not create additional demand for XLM.
Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.
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