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Stellar Lumens Seems to be Promising, However That Means Little for the XLM Coin

I’ve contended that the blockchain expertise that underpins cryptocurrency excites me greater than a selected coin. The Stellar Lumens (CCC:XLM-USD) partnership with MoneyGram Worldwide (NASDAQ:MGI) affords additional proof of why I maintain this perception.
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After the announcement, XLM skyrocketed from 31 cents to 36 cents per coin. The altcoin briefly went to 42 cents earlier than settling into its present vary round 34 cents.

You may say that is simply one other day on the workplace for cryptocurrencies, and I’d agree with you. There’s no query that in the event you owned XLM the day earlier than the MoneyGram announcement you’ve finished fairly effectively. Nevertheless, the MoneyGram partnership shouldn’t be the primary introduced by the Stellar Basis. Nor do I consider will probably be the final.

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I’m extra within the long-term narrative, and I see that as bullish for the Stellar Lumens Basis. I’m simply undecided what it does for XLM as a coin.

I recognize the simplicity within the use case for Stellar Lumens. The corporate is taking a state of affairs we will all perceive and offering a chic resolution.

Within the case of Stellar, it permits people to make cross-border exchanges of cash in seconds versus days and it does it for much less value. It’s like Venmo on a world scale which I’ll admit is thrilling to consider.

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I might ship cash to somebody wherever on the earth and they’d obtain it of their native forex in virtually actual time.

That is the place the corporate’s token, the Lumen (XLM) is available in. I can use U.S. {dollars} to buy digital representations of these {dollars} (i.e. Lumens) that I might ship by way of the blockchain. The recipient would obtain the Lumens after which convert them again to their native forex.

I define (and maybe oversimplify) the use case for Stellar Lumens due to its partnership with MoneyGram. Beneath the phrases of the settlement, the Stellar Basis will develop a fee bridge that streamlines cash transfers.

What’s much less clear to me is that if Lumens are required for the transactions. I’m considering the reply isn’t any and right here’s why. Stellar additionally has a partnership with the fintech firm Lightnet, and Lightnet can also be collaborating with MoneyGram.

Lightnet focuses on addressing the worldwide remittance market in Southeast Asia. This could appear to be an excellent software for Stellar Lumens as a result of it contains thousands and thousands of unbanked employees who face exorbitant charges to ship cash house to their households.

As Lightnet reminds us, the difficulty of cash switch is annoying to many in america. In creating nations, it’s a rigged recreation, and Stellar can assist degree the enjoying area.

Lightnet doesn’t require Stellar’s native XLM token to make these transactions. This was made clear by Interstellar CEO Mike Kennedy who mentioned utilizing XLM might be an possibility, however it wouldn’t be needed because the transactions being made are crypto-agnostic.

It is because Stellar Lumens helps the usage of stablecoins to remove risky price fluctuations. This is a matter that Josh Enomoto referred to in a current article about Stellar Lumens.
MoneyGram can also be planning to make use of a stablecoin. On this case, the USD Coin (CCC:USDC-USD) for settlement of the transactions. The best way I learn it, that makes XLM agnostic to those transactions.

This concept that the Stellar blockchain can be utilized with out the necessity for the Lumens goes again to the place I began this text.

Crypto lovers will say you could’t use the identical metrics for cryptocurrencies that you’d for equities. Nevertheless, this partnership with MoneyGram is additional proof that an funding in XLM is an funding within the Stellar blockchain, which some will say is the purpose.

If that’s the purpose then you would need to be involved concerning the quantity of consolidation that’s already occurring on this house. You even have to concentrate to Ripple (CCC:XRP-USD) which is likely to become a competitor on this house as soon as it untangles itself from its authorized issues.

I might be lacking a bigger plot for XLM. If that’s the case, I’m certain the Stellar bulls will let me know. But when I’m appropriate, then traders ought to remember to maintain an in depth eye on Stellar Lumens. I’ll repeat, I’m fascinated by the use case. I’m simply undecided if that’s a long-term moat for the corporate.

InvestorPlace doesn’t frequently publish commentary about cryptocurrencies which have a market capitalization lower than $100 million or commerce with quantity lower than $100,000 every day. That’s as a result of these “penny cryptos” are incessantly the playground for rip-off artists and market manipulators. Once we do publish commentary on a low-volume crypto that could be affected by our commentary, we ask that InvestorPlace.com’s writers disclose this reality and warn readers of the dangers.

Learn Extra: How to Avoid Popular Cryptocurrency Scams

On the date of publication, Chris Markoch didn’t have (both straight or not directly) any positions within the securities talked about on this article. The opinions expressed on this article are these of the author, topic to the InvestorPlace.com Publishing Guidelines.

Chris Markoch is a contract monetary copywriter who has been masking the marketplace for seven years. He has been writing for InvestorPlace since 2019.

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The publish Stellar Lumens Looks Promising, But That Means Little for the XLM Coin appeared first on InvestorPlace.

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