Mike Belshe, BitGo Chief executive officer on Friday told Fortune that it now supports two new coins, Stellar Lumens (XLM) and Dash (DASH).
Last week, Dash was added due to its ability to make possible for institutional investors, “instant payments” while XLM which is focused on “global payments more for consumers” will be adjoined in a couple of weeks. By market cap, stellar is currently ranked the 6th largest cryptocurrency with a value of $4.6 billion dollars, while dash is ranked 13th with a market value of $1.5 billion.
Belshe talking about the differences between BitGo and other exchanges, said that his company is completely focused to secure custodian services and aims at majorly big players like hedge funds, while trading platform focuses on retail investors.
Stellar (XLM) Price Today – XLM / USD
CEO of BitGo said that: “Exchanges sometimes offer custodianship, but they’re not qualified custodians themselves. They’re holding funds so that you’ll use their exchange. In other asset classes you don’t have the exchange hold the funds — it’s just not allowed. If the New York Stock Exchange went to the U.S. Securities and Exchange Commission “and added, ‘Hey, please let us be a custodian for the assets that we trade,’ the SEC would laugh them out of the room.”
Belshe explained, stable coins pegged to US dollars have a significant proposal like other new projects including Gemini Dollar (GUSD), Paxos Standard (PAX) and Circle’s USD Coin (USDC).
Dash (DASH) Price Today – DASH / USD
Currently, eight coins are supported by BitGo: Bitcoin Cash (BCH), Bitcoin (BTC), Ethereum (ETH), Zcash (ZEC), Bitcoin Gold (BTG), Litecoin (LTC), XRP and Dash.
Over the past few months, Stellar (XLM) has experienced growing institutional interest. Fundstrat in a recent survey, revealed that institutional investors see stellar (XLM) as a promising project. To the surprise of many, there was no mention of Ripple, which means that institutional investors prefer Stellar over Ripple (XRP). This is realistic in that Ripple is just a short term solution.
Ripple (XRP) is similar to a centralized exchange that is quick and an immediate fix to the existing problems. Stellar is a preferred solution in the long run but it will take its time. Compared to Bitcoin (BTC) and the US Dollar (USD), Stellar (XLM) still has a long way to go.
Stellar, after completing its correction, is now on a major break out and in the near future, might push it off the charts. Although ranked among the best ten cryptocurrencies, Stellar is greatly undervalued .
StellarX(stellar based decentralized exchange) has gone live and has been widely recognized . it is obvious that, its team really has a good comprehension of how quickly the market is evolving. Therefore, they have taken two steps ahead of Ripple, dealing with problems that are yet to happen.