2017 was the year Stellar (XLM) announced itself to the cryptocurrency world with a tremendous market performance. That hasn’t stopped in 2018, even as the dip that hit all else meant prices slumped to new lows. Though this may have sunk unsteady coins, Stellar is among the top coins that have staged a remarkable recovery as the bears recede.
2018 will see XLM record a new ATH
The future could be illuminated again, with Lightning Network being deployed later on in the year. The SDEX also is set to play a big role in shaping the ecosystem as Jed McCaleb and Co. seek ways to make the platform reach its potential.
In 2017, XLM gained more than 14,000%, emerging as one of the top cryptocurrencies. Most of the excitement around it owes a lot to its promise of drastically reducing the time it takes to complete cross-border transactions from a few days to a matter of seconds.
But that’s not all, the crypto allows for creation and execution of dApps and smart contracts. If you look at it from the perspective of a user, you’d find these three things most appealing: faster transactions, extremely low fees, and a secure robust ecosystem. All these are components that a project needs to attain traction and eventual adoption.
Three partnerships central to XLM adoption
Anyone who has taken time to look at XLM’s trajectory will tell you that the coin is yet to hit expected highs. But as sentiment is likely to dictate what happens on the market, a lot that goes off it could be the driving force behind everything. It is the numerous partnerships that could fast-track XLM’s presence around banks and other financial institutions. And to be blunt about it, cryptos like Stellar need partnerships for them to get into mainstream use.
So, who among the more than 37 official anchors and companies that support the crypto have the greatest impact?
It would be unfair to say that the others have a lesser role in Stellar’s march to the top. They all have their part in the bigger picture, yet the three companies below take a lion’s share of the great vibe surrounding the Lumens.
This is often quoted as the deal maker for Stellar’s ambition to conquer the banking system by revolutionizing how money moves across borders. The deal with IBM might have raised a few eyebrows at first. This is due to the well-known fact that it was an active competitor in the blockchain sector. However, it has since emerged that the software giant could be the launch pad from which Stellar penetrates the cross-border payments ecosystem. The recent announcement that it was exploring avenues to have Lumens adopted by a number of central banks puts StellarLumens in a very strong position against XRP. When the details of this deal are finalized and fine-tuned, Stellar could experience exponential growth.
Stellar partnered with Deloitte in 2016. At the time of the announcement, the consulting firm revealed that its aim was to help tackle everyday challenges that bedevil digital banking. The firm is instrumental in getting XLM adopted by some of its clients who account for over 80% of the Fortune 500 companies. Apart from offering consulting services featuring Stellar, the firm is also vital in ensuring consumers understand the use of blockchain. With innovative apps like the iOS phone app and a web portal, the firm is helping grow Lumens’ use to its customers.
The Industrial Credit and Investment Corporation of India (ICICI) is a top banking and financial service provider in India. Many in the West doubted a partnership with a bank that was considered unknown. The 2016 partnership between Stellar and this top India-based bank could prove to be very vital to Stellar. India has one of the world’s largest populations, most of which are unbanked. As such, Lumens could be a vital bridge currency for transactions involving banking the unbanked. The deal could be central to Stellar’s foray into the lucrative Indian market, whose population is just beginning to get into cryptocurrency.
With a host of partnerships to count on, Stellar (XLM) is ticking all the right buttons and could well be on its way to mass adoption. It will be interesting to watch how their rivalry with Ripple (XRP) plays out.