The past few months have not been a good time for the cryptocurrency market. Most cryptocurrencies, including Bitcoin, have underperformed. However, the story has been quite the opposite for Stellar Lumens (XLM-USD). A digital token by the Stellar Development Foundation, the XLM is one among many digital tokens that have recently been developed in the wake of a successful campaign by the trailblazing Bitcoin.
Unique Approach
The crypto market is presently very crowded. It calls for strategic partnerships and relationships that can add to the competitive advantage of a token. In this respect, the management of the Stellar Development Foundation approached important players in the financial market to form partnerships that would build trust and enhance its stature in the crypto market. In one such partnership, XLM partnered with TransferTo with the aim of enabling cross-border transfers cheaply and faster as compared to competitors. The partnership was clearly on the right path given the market share of TransferTo and the trust that Stellar has gained from customers.
Further, in an effort to broaden its user base, the Stellar foundation sought to cross more borders and include the Islamic world in its customer base. This was achieved through acquiring of the Sharia (Muslim religious law) compliance status. This way, the digital token obtained the rights to be utilized in transactions and even the transfer of cash to the regions that are under Sharia law.
Stable Platform
Stellar Lumens further received a push from the news that Coinbase, the US-based crytpocurrency exchange, was going to include it in its trading platform. Important to note is that that digital tokens included in the Coinbase trading platform are more accessible and they are widely used to settle numerous transactions. Additionally, Stellar Lumens is developed on a platform that is very stable and trusted by large companies like IBM (NYSE:IBM). The company has promised to use the Stellar platform to develop its own digital token that it will call Stablecoin.
The performance of Steller so far has been made possible by a series of good judgement and a platform that is designed for better performance and that is can be trusted by other developers of digital tokens.