Despite the state of the market, 2018 has seen some cryptocurrencies through major advancements and baby steps towards mainstream adoption is subsequently recorded. Such, as it appears, is the case of Stellar (XLM) which just got listed on Canadian crypto exchange, NDAX.
The National Digital Asset Exchange Inc. (NDAX), an exchange designed to bridge the gap between the crypto and financial world has announces that Stellar (XLM) is now available on its platform.
According to the Alberta-based crypto exchange, the cryptocurrency has been introduced on its platform and will be paired against the Canadian dollar. The exchange added that trading in this variation on the platform will remain free till the end of January, 2019.
NDAX Listing to Advance Stellar’s Mainstream Adoption
Majorly designed as a third-gen blockchain project, Stellar Lumens aims to advance towards becoming an accredited platform for launching decentralized applications. This is hoped to aid its adoption in the traditional financial world.
However, no matter how sound a crypto project seems, the lack of regulatory oversight of the crypto space is one of the impediments to acceptance into the traditional financial system. As such, the crypto space has had several run-ins with global financial regulators.
NDAX, on the other hand, is a fully accredited exchange despite being a crypto exchange. The exchange is registered as a Money Service Business in Canada and has been noted to have due interactions with market watchdogs and traditional financial systems.
Hence, being picked out by a regulated exchange integrated into the Canadian banking system, is a plus for Stellar Lumens. Stellar is, to that effect, directly paired against the Canadian dollar, CAD, instead of BTC as noted on other exchanges.
According to the exchange, the XLM/BTC pair will be introduced at some point in the future provided a sufficiently liquid trading market is available. However, the exchange pointed out that the XLM/CAD pair will remain open trade.
Stellar Lumens: The Future of Scalable Transactions
Much of the chatter around the older cryptocurrencies these days circles around scalability issues. While some of these cryptocurrencies like Ethereum are working hard at solving these issues, their blockchain protocols are not exactly equipped to carry out these transactions at effective speeds.
With Stellar’s blockchain developed to operate at higher speeds, it is fast gaining traction in financial and remittance services. As a result, Stellar, as it seems, is heralding a future of faster and cheap transactions.
With reference to its partnership with tech titan, IBM, as a sole blockchain partner, it would appear that Stellar is on its way t massive advancement. This is set to happen because majority of the blockchain research done by IBM will be relation to Stellar and its blockchain.