Category: Stellar

How Stellar’s $40M Investment In Tala Will Give Millions Access To Financial Services

How Stellar’s $40M Investment In Tala Will Give Millions Access To Financial Services

The Stellar Development Foundation (SDF) has made a fresh bet on the financial services sector. According to a press release, the institution participated in a $145 million series E for Tala.
A global technology company working on providing millions of people with access to lend, borrow, and other financial services Tala reached an over $350 million funding with support from the SDF and its Enterprise Fund, Upstart, and others.
Related Reading | Stellar Network To Power New Savings API Launched By Wyre
Launch in 2020, the SDF’s Enterprise Fund provides support, in U.S. dollar or XLM, to payments companies with a cross-border approach, companies that provide financial inclusions in emerging markets, access to tokenized assets, and other criteria.
The fund was launch with the objective of investing in companies capable of bringing real world use case and contribute with the Stellar ecosystem.
Tala will use the funds to create a crypto product to attract mass adoption especially oriented to developing countries. In these countries, over 3 billion people lack options to participate in the global financial sector.
Thus, Tala will leverage cryptocurrencies, mobile technology, and data science to provide people with tools to increment their wealth and achieve economic independence.
Related Reading | Stellar To Introduce AMM Functionality, What This Means For Its Ecosystem
Denelle Dixon, CEO and Executive Director for the Stellar Development Foundation, claimed that their investment in Tala represents their confidence in the company’s potential. Dixon added:
Joining forces with Tala to improve access to financial services for millions of people in emerging markets is exactly aligned with our mission at Stellar Development Foundation. Since the Stellar network leverages interoperability with the world’s existing financial systems, Stellar and Tala technology together are a powerful tool to bridge gaps for those who have been left out.
Stellar New Partnership And A Future Of Financial Inclusion
The CEO and Founder of Tala Shivani Siroya said the following on their progress over the past years, trying to improve the traditional financial system, and their future:
This new investment will accelerate our path to becoming the primary financial account for the global underbanked and helping millions more people make progress in their financial lives. Paul Gu and Denelle Dixon are visionary leaders who share our commitment to building a financial system that works for everyone and we are thrilled to welcome them to the team.
The Co-Found and Head of Product at Upstart Paul Gu claimed that Tala has begun to solve one of the most important issues for consumers in the developing world by providing with access to financial services. Gu said:
Upstart shares Tala’s belief that technology is the key to unlock access for the underserved, and we’re excited to support them in serving the next 1 billion people entering the financial system.
As NewsBTC reported yesterday, Stellar has been making relevant developments, getting major partners such as payment giant MoneyGram, and investments in 2021. This network ecosystem seems to be growing as the year ends.
This has translated into positive performance for Stellar’s native asset XLM. Over the past 2 weeks, this cryptocurrency has been one of the best performing assets in the crypto top 25 with a 35.7% profit.
Related Reading | Stellar Development Foundation Takes Part In Abra $55 Million Series C Funding
In lower timeframes, as Bitcoin (BTC), Ethereum (ETH), and the rest of the cryptocurrencies in the top 10 move sideways, XLM records a 2% and 3.5% profit in the daily and weekly charts, respectively.
XLM with minor profits in the daily chart. Source: XLMUSDT Tradingview

Stellar Soars 8% Overtaking Bitcoin’s Performance, What Prompted The Boom?

Stellar Soars 8% Overtaking Bitcoin’s Performance, What Prompted The Boom?

Up 10% in the daily and 36.3% in the 2 week chart, at the time of writing, Stellar Lumens (XLM) has been one of the best performing assets in the crypto top 30 by market cap. The cryptocurrency has managed to outperform Bitcoin, Ethereum, and other major coins in the top 10.
XLM with minor profits in the 24-hour chart. Source: XLMUSDT Tradingview
Stellar technical indicators have quickly moved into the buying zone with the simple moving average (SMA) and exponential moving average (EMA) crossing the $0,32 mark.
Related Reading | Stellar Development Foundation Takes Part In Abra $55 Million Series C Funding
The Relative Strength Index (RSI) remains neutral with a 61.5 value, but the Moving Average Convergence Divergence, a metric used to measure price momentum in an asset, is flashing a buy signal.
XLM trending to the upside coincides with exponential growth in its ecosystem. As summarized by the Stellar Development Foundation (SDF), the network made significant developments in Q3, 2021.
In addition, it managed to secure important partnerships such as the one with payment giant MoneyGram. This will allow users to connect their wallets with the company’s global retail platform.
Thus, consumers will be able to leverage cash funding and payouts in USD Coin (USDC) with Stellar potential to instantly settle a transaction. In that sense, the network has expanded its main use case and its capacity to onboard millions of new users into its network.
Related Reading | Stellar Network To Power New Savings API Launched By Wyre
At the time, the CEO and Executive Director for the SDF Denelle Dixon called the partnership a demonstration of the power of blockchain technology to improve the legacy financial system. Dixon added:
Thanks to the reach of MoneyGram’s services and the speed and low cost of transactions on Stellar, a new segment of cash users will be able to convert their cash into and out of USDC, giving them access to fast and affordable digital asset services that may have previously been out of reach.
Stellar Growths To Fulfill Its Original Vision
In addition to the MoneyGram partnership, the SDF released a Whitepaper describing how Stellar was designed to facilitate the deployment of Central Bank Digital Currencies (CBDCs).
The SDF claims that the network has unique characteristics which allow it to support these assets and how a central bank can issue implement it on Stellar.
With the development of the digital Yuan and its fast progress, CBDCs are climbing the priorities of international governments. The network could support the CBDCs of the European Union, of developing countries in Africa, and others in the future.
In addition, as NewsBTC reported, the network will soon vote to implement Protocol which will grant it Automated Market Makers (AMMs) functionality. The SDF claimed:
This AMM development process to-date has been a shining example of how our entire ecosystem can work together, anchored around Stellar’s guiding open source principles, to further Stellar network development and sets a new bar on our collective collaboration.
The ecosystem has experienced other important developments and its use cases from cross-border payments to its energy efficiency to a recently announced initiative to accelerate blockchain education.
Related Reading | Stellar To Introduce AMM Functionality, What This Means For Its Ecosystem
In many sectors, XLM seems to be moving ahead of the curve and it has reflected on its price action suggesting a strong potential for a sustained rally into Q4, 2021.

Moneygram Partners With Stellar Development Foundation to Allow Users to Make Remittances With USD Coin

Moneygram Partners With Stellar Development Foundation to Allow Users to Make Remittances With USD Coin

Moneygram, one of the leaders in the cross-border payments and remittances market, has partnered with the Stellar Development Foundation to use the Stellar blockchain for settlements. The company will use the native version of USD coin (USDC), a popular stablecoin, to simplify and accelerate the process of sending remittances. This also means that Moneygram will act as a fiat on and off-ramp service for USD coin users.
Moneygram to Use Crypto for Remittances
Moneygram, a Dallas, Texas-based payments and remittances company, has announced a partnership with the Stellar Development Foundation, the development and growth arm for the Stellar blockchain, to make use of its capabilities for settling payments and facilitating remittances. The company will use the native version of USDC on the Stellar blockchain to move funds in a more easy and effective way.
However, neither Moneygram nor Circle are banks. United Texas Bank will serve as a settlement bank between Circle and MoneyGram, acting as a link between the two institutions.
Moneygram now becomes an off-ramp for users of USD coin as a way of getting fiat funds, and vice-versa, adding value to the USDC ecosystem. Moneygram was one of the first remittances companies to integrate blockchain when it announced a partnership with Ripple. However, this partnership dissolved after the SEC announced it was pursuing legal actions against the company in December, 2020.

Simpler, Faster, and Cheaper
The new system to be implemented by the company is expected to allow for almost instantaneous settlement times with low fees thanks to the use of the Stellar blockchain, and no implied volatility due to the use of stablecoins. About the importance of these instruments, Alex Holmes, CEO of Moneygram stated:

As crypto and digital currencies rise in prominence, we’re especially optimistic about the potential of stablecoins as a method to streamline cross-border payments… we are extremely well-positioned to continue to be the leader in building bridges to connect digital currencies with local fiat currencies.

According to Circle, this partnership will contribute to lowering the costs associated with remittances. This is one of the UN’s proposed Sustainable Development Goals, which aims to lower remittance costs from 7% to 3% of the funds sent. It will be interesting to see if cryptocurrencies can help achieve this objective in the short term.
What do you think about Moneygram’s partnership with the Stellar Development Foundation? Tell us in the comments section below.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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MoneyGram launches USDC settlement using the Stellar blockchain

MoneyGram launches USDC settlement using the Stellar blockchain

Financial services company, MoneyGram International, has partnered with the Stellar Development Foundation to enable consumers to send money using Circle’s popular stablecoin, USD Coin (USDC) and convert directly to and from fiat. Per a 6 Oct. announcement, MoneyGram has integrated support allowing crypto wallets connected to the Stellar Network to access its global retail platform. Working alongside Circle, MoneyGram will also enable “near-instant backend settlement”, account funding, and local fiat withdrawals using the USDC stable token.United Texas Bank will act as the settlement bank to complete the process within the regulatory framework.”As crypto and digital currencies rise in prominence, we’re especially optimistic about the potential of stablecoins as a method to streamline cross-border payments.” said Alex Holmes, MoneyGram Chairman and CEO.The partnership is expected to launch at the end of 2021 in select jurisdictions, with an expanded international rollout planned in 2022. Denelle Dixon, CEO and executive director of the Stellar Development Foundation, stated:”A new segment of cash users will be able to convert their cash into and out of USDC, giving them access to fast and affordable digital asset services that may have previously been out of reach.”MoneyGram’s integration with Stellar comes just months after the firm moved to allow customers to withdraw crypto assets for cash via its point-of-sale outlets in the U.S. The service was rolled out in partnership with Bitcoin ATM and crypto exchange operator, Coinme Inc.Related: Biden admin weighing bank-like regulation for stablecoin issuersMoneyGram is no stranger to blockchain, having partnered with distributed ledger technology Ripple in June 2019 to collaborate on cross-border payments and foreign exchange settlements with digital assets.However, the deal quickly went south, due to the uncertainty concerning U.S. Securities and Exchange Commission lawsuit targeting Ripple. MoneyGram suspended support for Ripple’s platform during the first quarter of 2021.Stellar was launched by Ripple co-founder Jed McCaleb following his tumultuous departure from the project in 2014.Circle published, on 4 Oct., filings revealing it is cooperating with a subpoena from the SEC that it received in July.

Peruvian stablecoin launches on Stellar blockchain

Peruvian stablecoin launches on Stellar blockchain

Latin American stablecoin issuer Anclap is expanding its Stellar-based stablecoin network by launching a new stablecoin in Peru, Cointelegraph en Español reports.Pegged to Peru’s official fiat currency, the Peruvian sol (PEN), the new stablecoin is designed to enable instant transactions across Anclap’s network, including conversions to other fiat currencies as well as “any other digital asset,” the firm announced Saturday.Called the “digital sol,” the stablecoin is said to be 100% backed by local fiat currency and is available on the Stellar network to be integrated into any platform.According to the announcement, the digital sol is already available for purchase from several digital wallets as well as exchange against foreign currencies such as the Argentine peso, the Brazilian real, the United States dollar and the euro.“The digital sol opens borders of the Peruvian market, allowing local people and companies to send and receive payments, exchange value ​​with anyone else in the world in all types of currencies, in a matter of minutes and at a very low cost,” Anclap co-founder Ivan Mudryj said.The digital sol is the latest Stellar-based stablecoin joining the Anclap stablecoin ecosystem after the firm started working on the Argentine peso-pegged stablecoin in January 2020. “Argentina and Peru are currently connected to the Stellar Network using their respective stablecoins,” Anclap noted in a blog post on Friday.The company expects to launch more stablecoins for the Colombian peso and the Chilean peso in October and November 2021, respectively. Other stablecoins such as the digital Mexican peso and the digital Brazilian real are still under development, according to Anclap’s website.Anclap stablecoin ecosystem. Source: AnclapAnclap has been working on its Stellar-based digital payment network since 2017, with a mission to eliminate costly and slow banking transactions.Related: Cardano to enable new DeFi stablecoin with Coti“It is not just a new country with their stablecoin but millions of citizens who are now bridged to new financial opportunities to build a better future for themselves,” Anclap noted on the digital sol launch on Twitter.The digital sol launch comes amid massive growth in the market of private stablecoins, with the total stablecoin value surging from $37 billion in January to nearly $130 billion in late September 2021. The parabolic surge of the stablecoin market has drawn increased attention from global regulators, with many jurisdictions around the world planning to toughen stablecoin regulation.

Evolve or die: How smart contracts are shifting the crypto sector’s balance of power

Evolve or die: How smart contracts are shifting the crypto sector’s balance of power

One of the familiar themes seen in previous crypto market cycles is the shifting market caps, popularity and ranking of the top 10 projects that see significant gains during bull phases, only to fade into obscurity during the bear markets. For many of these projects, they follow a recognizable boom-to-bust cycle and never return to their previous glory. During the 2017–2018 bull market and initial coin offering (ICO) boom, which was driven by Ethereum network-based projects, all manner of small smart contract-oriented projects rallied thousands of percentage  to unexpected highs. During this time, projects like Bitcoin Cash (BCH), Litecoin (LTC), Monero (XMR) and ZCash (ZEC) also rotated in and out of the top 10 ranking, but to this day, investors still argue about which project actually presents a “useful” use case. While all of these tokens are still unicorn-level projects with billion-dollar valuations, these large-cap megaliths have fallen far from their previous glory and now struggle to stay relevant in the current ecosystem. Let’s take a look at a few of the current projects that threaten to unseat these dinosaur tokens from their perch. Dollar-pegged stablecoins take the stage as the most “transactable” currencyBitcoin’s (BTC) original use case stipulated that it would simplify the process of conducting transactions, but the network’s “slow” transaction time and the cost associated with sending funds makes it a better store of value than a medium of exchange when the other blockchain networks are considered as options. Terra (LUNA), a protocol focused on creating a global payment structure through the use of fiat-pegged stablecoins, has emerged as a possible solution to the issues faced when trying to use the top proof-of-work (PoW) projects as payment currencies. The main token used for transacting value on Terra aside from LUNA is TerraUSD (UST), a U.S. dollar-pegged algorithmic stablecoin that forms the basis of Terra’s decentralized finance (DeFi) ecosystem. The market cap of UST has steadily been increasing throughout 2021 as activity and the number of users in the ecosystem increased. UST supply changes. Source: SmartStakeThe recent addition of Ether (ETH) as a collateral choice for minting UST on Anchor protocol has given token holders a way of accessing the value in their Ether without having to sell and create a taxable event. This opens the possibility for other tokens such as BTC to be utilized as collateral to mint UST that can be used in everyday purchases.As it stands, the borrowing APR for UST on Anchor stands at 25.85%, while the distribution APR is at 40.67%, meaning users who borrow UST against their LUNA or Ether actually earn a yield while borrowing against their tokens. From privacy coins to privacy protocolsPrivacy is also a cornerstone characteristic of the cryptocurrency sector and privacy-focused projects like XMR and ZEC offer obfuscation technologies that support covert or what, for a time, were thought to be untraceable transactions. Unfortunately, regulatory concerns have made it more challenging for users to access these tokens, as many exchanges have delisted them for fear of drawing the ire of regulators and the overall demand among crypto users has declined alongside their availability. Their lack of smart contract capabilities has also limited what these protocols are capable of and, so far, users do not appear to be too excited about utilizing Wrapped Monero (WXMR) for use in DeFi, as the token loses its privacy capabilities in the process. These limitations have led to the development of privacy-focused protocols such as the Secret Network, which allows users to create and use decentralized applications (DApps) in a privacy-preserving environment. Privacy features are not common among smart contract capable platforms in the crypto ecosystem, which makes Secret something of an experimental case in the ever-evolving Web 3.0 landscape. Decentralized applications on the Secret Network. Source: SecretSecret is also part of the Cosmos ecosystem which means it can utilize the Inter-blockchain Communication (IBC) protocol to seamlessly interact with other protocols in the ecosystem. The network’s native SCRT can be used as the value transfer medium on the platform as well as to interact with protocols that operate on the network, including Secret DeFi applications and the network’s NFT offering, Secret Heroes. New enterprise solutions aren’t better but they come without controversyOne of the ways cryptocurrency projects sought to differentiate themselves from the “medium of exchange” label was to offer enterprise solutions as a way to help corporations navigate the transition to a blockchain-based infrastructure. XRP and Stellar (XLM) are two of the veteran protocols that fit this bill, but continual controversy and slow development has resulted in these early movers now playing catch up with newer networks that also don’t have the legal controversy that has followed Ripple for years.Hedera Hashgraph has emerged as a competitor in this field and data shows that the network is capable of processing more than 10,000 transactions per second (TPS), with an average transaction fee of $0.0001 and a time to finality of 3-5 seconds.These statistics are comparable to both XRP and XLM, which have indicated that their ledgers reach consensus on all outstanding transactions every 3-5 seconds with an average transaction cost of 0.00001 XRP/XLM. Hedera is also smart contract capable, meaning users can create both fungible and nonfungible tokens, and developers can build decentralized applications to accompany the network’s decentralized file storage services. For each sector (stablecoins, privacy and enterprise solutions), the main difference between the old-school and next-generation projects has been the introduction of smart contract capabilities and plans to develop within the side-chain and DeFi sectors where the top protocols exist. This gives newer projects additional utility, allowing them to meet the demand of investors and developers, thus increasing their token values and market caps as a result. With smart contracts, the ability to interact with the growing DeFi landscape comes built-in, whereas the legacy tokens like LTC, XMR and BCH require special wrapping services which insert middlemen and thus insert additional fees, rigor and risk into the process. Newer protocols have also embraced the more eco-friendly proof-of-stake consensus model that aligns with the larger global shift toward environmental awareness and sustainability. A plus is that holders can also stake their tokens directly on the network for a yield.It remains to be seen if the slow march of time will eventually lead to a capital migration from older large cap projects to the newer generation protocols or if these legacy blue-chips will find a way to evolve and survive into the future. Want more information about trading and investing in crypto markets?The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Stellar Development Foundation Takes Part In Abra $55 Million Series C Funding

Stellar Development Foundation Takes Part In Abra $55 Million Series C Funding

Leading wealth management platform Abra completed a Series C funding with participation from the Stellar Development Foundation. The company raised $55 million in the round led by major players in the industry, such as IGNIA and Blockchain Capital.
The Stellar Development Foundation was one of the new investors in the company alongside Kingsway Capital and Tiga Investment. In addition, Abra received investments from Lerer Hippeau Ventures, Amex Ventures, Arbor Ventures, RRE Ventures, CMT Digital Ventures, and Kenetic Advisors.
Related Reading | An Introduction To Stellar And XLM: Mission, Control, And Consensus
Other relevant names participated in the Series C funding, according to a press release. The wealth management platform increased its total funding to more than $85 million since its creation.
The release claims that the funds will be used to expand Abra’s team into new offerings which include wealth management, trading, and payments. Thus, why the investment from the Stellar Development Foundation could have a relevant role to achieve this goal.  Bill Barhydt, founder, and CEO of Abra said the following:
Cryptocurrencies, NFTs and DeFi are now top of mind for almost all investors. The crypto asset class is growing exponentially, even outpacing the early commercial Internet itself. Our vision of crypto-centric banking is coming to life in front of our eyes, and Abra is excited to serve as a leader in the space.
Barhydt claimed to feel “proud” of the Abra team and their accomplishments. The executive expects the platform to keep scaling and growing.
Stellar And Abra’s Shared History Of Crypto Expansion
Since 2020, Abra has seen “tremendous” growth, according to the press release. The company records a ten-fold increase in revenues, and a 0 to $1 billion in assets under management (AUM) for its custody services, Abra Trade and Abra Earn.
Related Reading | Stellar Network To Power New Savings API Launched By Wyre
In the same period, the company’s 155,000 monthly users have processed $4 billion in transactions. In that sense, Bart Stephens, Managing Partner at Blockchain Capital, said the following on its latest Series C Funding:
We believe Abra is on an exciting growth trajectory, led by a strong management team with an understanding of the long-term potential for cryptocurrencies. Abra offers unmatched accessibility for every type of investor which positions the company well for capitalizing on the growth in adoption and interest in cryptocurrencies globally.
In 2020, the Stellar Development Foundation made a $5 million investment in Abra. The partners worked to expand Abra’s financial services with Stellar as a blockchain back-end and “democratize access” to them for new customers in developing countries.
Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course
At the time, the CEO of the Stellar Development Foundation Denelle Dixon said:
Abra is building a product portfolio of financial services that aligns directly with our mission to create equitable access to the global financial system. They’re committed to providing innovative investment opportunities in underserved, capital-scarce markets.
Alvaro Rodriguez Arregui, a Managing Partner of IGNIA, added:
Abra is perfectly positioned to execute on its mission to expand access to crypto assets in a safe and secure way for customers. As international investors ourselves, we recognize the need for safe and reliable access to the crypto ecosystem and are excited to support Abra.
At the time of writing, XLM trades at $0,33 with a 3.8% profit in the daily chart.
XLM with small profits in the daily chart. Source: XLMUSDT Tradingview

Crypto Market Is ‘Development Vector’ of Nation’s Digital Economy, Ukraine President Says

Crypto Market Is ‘Development Vector’ of Nation’s Digital Economy, Ukraine President Says

President of Ukraine Volodymyr Zelensky has highlighted the importance of launching a legal digital assets market in his country during a working visit to the U.S. The Ukrainian head of state met with top investors including from the cryptocurrency industry.
President Zelensky Highlights Importance of Ukraine’s Virtual Assets Market
Speaking to venture capital funds and Silicon Valley accelerators, Volodymyr Zelensky praised the opportunity to discuss the prospects for the development of the IT sector and innovations in Ukraine. In his opening remarks at the event, quoted in a press release, the Ukrainian leader emphasized his country has made a “real breakthrough in the digital sphere” and a “huge leap towards creating a digital state” over the past year.

At a meeting with representatives of the Stellar Development Foundation, the president expressed hope that in the near future the institution will find more opportunities to expand its activities and team as well as to eventually establish an R&D center in the East European nation. “After all, Ukraine is now the best magnet with blockchain and crypto specialists in Europe,” Zelensky remarked, further emphasizing:
And one of the vectors of development of Ukraine’s digital economy is the launch and development of a legal innovative market for virtual assets.
Earlier this year, Ukraine’s Ministry of Digital Transformation signed a memorandum of understanding with the foundation aimed at supporting the ongoing efforts of the Ukrainian government to develop a legal framework for the country’s expanding crypto space. The agreement also covers Stellar’s participation in building the infrastructure for the Ukrainian national digital currency.

Ukrainian Minister of Digital Transformation Mykhailo Fedorov, who was part of the delegation, noted that Ukraine has one of the world’s largest blockchain developer communities and is working to become an attractive jurisdiction for both local and foreign crypto companies. He added that the country is also modernizing its payments market which will allow the National Bank of Ukraine to issue the digital hryvnia.
The current administration in Kyiv has maintained a generally positive attitude towards the crypto and blockchain industry but is yet to adopt comprehensive regulations for its activities. A draft law “On Virtual Assets,” which was recently revised, is expected to be adopted by the end of this year.
In July, government officials and business representatives produced a roadmap to transform Ukraine into a leader in cryptocurrency integration. A central part of the new strategy is the plan to develop the country’s virtual assets market within the next three years.
Do you expect Ukraine to become a leading crypto friendly destination in Europe? Let us know in the comments section below.

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Crypto, crypto industry, crypto market, crypto space, Cryptocurrencies, Cryptocurrency, development vector, Digital Assets, Digital Currency, digital hryvnia, Event, foundation, kyiv, meeting, President, Roadmap, Stellar, Strategy&, U.S., Ukraine, ukrainian, virtual assets, virtual assets market, visit, Volodymyr Zelensky, Zelensky

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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$52K Bitcoin price triggers rally in large caps like Litecoin, Stellar and Bitcoin Cash

$52K Bitcoin price triggers rally in large caps like Litecoin, Stellar and Bitcoin Cash

Bitcoin (BTC) has been the uncontested cryptocurrency market leader since its creator launched the digital asset in 2009 and to date, it continues to be the dominant force in the industry. This truth was put on display on Sep. 6 when BTC price rose to the $52,000 level and ignited a market-wide rally that lifted the price of small- and large-cap altcoins. When Bitcoin rallies, most of the legacy coins like Litecoin, Bitcoin Cash, XRP and Stellar tend to move in tandem. Now that BTC looks ready to test new highs, let’s take a look at how the so-called ‘dinosaur tokens’ are doing.LTC/USDTLitecoin (LTC) has often been touted as the silver to Bitcoin’s gold because its faster protocol was partially modeled after the top crypto, but modified to increase the token supply and block time. One notable modification to the blockchain over the past few years was the addition of Mimblewimble technology to help increase user privacy and network scalability. Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low near $165 on Aug. 31, the price of LTC increased 41% to a daily high of $233 on Sep. 6 as the market-wide momentum from Bitcoin’s recovery to $52,000 brought life to the market. LTC/USDT 1-day chart. Source: TradingViewIt now remains to be seen if Litecoin can capitalize on this spike in momentum and continue to climb higher on its own merits or if the price will have to wait for further upside from BTC. BCH/USDTBitcoin Cash (BCH) is probably the most successful hard fork of the Bitcoin protocol that emerged out of the 2017 to 2018 bull cycle and some would say it maintains a decent following to this day. Data from Cointelegraph Markets Pro and TradingView shows that Bitcoin Cash’s response to the BTC recovery was muted in comparison to Litecoin, but its price still managed to increase from a low of $617 on Aug. 31 to a daily high at $806 on Sep. 6, an increase of 30%. BCH/USDT 1-day chart. Source: TradingViewThe recent price action for BCH resulted in the formation of a bullish cup and handle pattern as shown in a tweet from Twitter analyst Alex Clay and Monday’s price move suggests that the price could break out from these levels and head higher. $BCH produced a cup & handle patternBull if flips above s/r horizontal (also neckline of the pattern.) pic.twitter.com/KeBh8V5Jtb— Alex Clay (@cryptclay) September 3, 2021Related: Bitcoin preserves $51K — Here are the BTC price levels to watchXLM/USDTStellar (XLM) is a 2017-era project that arose after co-founder Jed McCaleb left Ripple in 2013 due to disagreements about the future direction of the company. Stellar had a similar design and circulating supply as the Ripple project when first released, but has since diverged to its own path of development. The network has now become one of the top choices for companies and governments exploring the idea of launching protocols on its low-cost and scalable platform. These features make it a suitable candidate for hosting stablecoins and central bank digital currencies. XLM/USDT 1-day chart. Source: TradingViewData from TradingView shows that since hitting a low of $0.324 on Aug. 31, the price of XLM increased 29% to a daily high of $0.42 on Sep. 6. VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for XLM on Aug. 31, prior to the recent price rise. The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.VORTECS™ Score (green) vs. XLM price. Source: Cointelegraph Markets ProAs seen in the chart above, the VORTECS™ Score for XLM climbed into the green zone on Aug. 30 and reached a high of 74 on Aug. 31, around 16 hours before its price increased by 29% over the next five days. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Blockchain security company GK8 announces custody partnership with Stellar

Blockchain security company GK8 announces custody partnership with Stellar

Blockchain cybersecurity company GK8 will be offering custody and tokenization services to the Stellar network, a move that could spark institutional interest in the Stellar Lumen (XLM) token. By integrating with Stellar, customers of GK8 can access XLM investments in a custodial setting, opening the door to offline transactions of the digital currency, the company announced Monday. GK8 has said that its infrastructure eliminates the risk of cyberattacks while also providing scalable, high-frequency transactions. GK8 co-founder and CEO Lior Lamesh said the partnership enables XLM’s institutional investors to “generate new revenue streams, digitize assets, trade, and transform currency as it’s sent.” Stellar operates as a blockchain-based payment network that initially forked away from the XRP protocol in 2014. XLM has a total market capitalization of $9.8 billion, placing it 22nd among active crypto projects. The token has gained 23% over the week, according to CoinMarketCap.GK8 has secured several high-profile partnerships over the past year as it continues to expand institutional blockchain infrastructure. As Cointelegraph reported in August, State Street-backed Securrency partnered with GK8 to expand its tokenized infrastructure. GK8 has also engaged Mastercard in its Startup Path program.Related: Evrynet’s $7M raise highlights institutional appetite for DeFiInstitutional appetite for cryptocurrencies is on the rise thanks to the emergence of new use cases for digital assets. A large percentage of wealth managers plan to either buy crypto for the first time or expand their existing holdings. Financial advisers could be leading the adoption drive now that crypto investing has been de-risked from a reputational standpoint. Traditional financial institutions have also begun rolling out institutional custody services. In May of, the 103-year-old bank Cowen said it wants to hold cryptocurrencies on behalf of asset managers and hedge funds.

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