Dubai-based Bitcoin and cryptocurrency exchange, BitOasis has announced that is adding Stellar Lumens (XLM) to the list of cryptocurrencies available on its platform. XLM is the fifth largest cryptocurrency by market capitalization. It is the native token of Stellar, the blockchain network that connects banks, payment systems, and individuals, and usually completes a transaction within 2⎯5 seconds.
According to the press release, users can now buy, sell and trade XLM against AED with 0% trading fees. This 0% trading fee lasts until November 27. The cryptocurrency exchange has opened the buy, sell and trade features only for users in the United Arab Emirates, Saudi Arabia, Kuwait, Bahrain, and Oman.
Stellar now joins Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Ripple (XRP), Litecoin (LTC), ZCash (ZEC), Monero (XMR) and Ethereum Classic (ETC), which were already being traded on the platform.
Earlier on Tuesday, the crypto market experienced a dramatic decline, which resulted in the collective market cap losing over $25 billion and eventually, settling at $152 billion. Just like all other cryptocurrencies which are experiencing a downward trend since the last few days, Stellar’s value has also been deteriorating. Stellar almost hit the yearly low figures by trading at below $0.19.
The Stellar coin has been adversely affected by the bearish trend prevailing in the crypto market this year. It is most likely to see its total market value fall below the $4-million mark for the first time since July.
Of late, Stellar has been seen entering into different partnerships with leading companies. Back in September, it sealed a strategic alliance with IBM, wherein the firms introduced ‘IBM Blockchain World Wire.’ This was a ‘near instant’ cross-border payment solution aimed to revolutionize the domain of cross-border payments. The service uses the Stellar protocol with a liquidity provider on both sides. Prior to the announcement of this new blockchain service, IBM was reportedly running 9 Stellar nodes to settle cross-border transactions. This partnership can be considered as really significant as IBM is already working in association with 90% of the world’s leading banks.
The current banking industry showcases a tremendous possibility of adopting blockchain technology in its entire range of products and service in the next 12 months. And, both Ripple and Stellar seem to be standing shoulder-to-shoulder for all that’s going to come along.
Stellar is penetrating into the global remittance services sector by teaming up with vital remittances providers such as Coins.ph and Tempo. The global remittance services sector is expected to grow by $8.5 billion in the next seven years.
Stellar has a decentralized exchange platform, which makes it a competitor as well as a trader.
Needless to say, Stellar’s adoption and development have witnessed a substantial rise within a very short period of time. The popularity of Stellar can be attributed to its versatility, thereby, making it one of the significant leaders regarding blockchain structure.
BitOasis is the Middle East and North Africa’s leading digital asset wallet and exchange. One distinctive feature of BitOasis is the multi-signature wallet security that it offers. Digital assets of the users are protected with three independent keys ensuring them of the highest level of protection. The first key of the users is stored securely by BitOasis and protected with password/2FA. The second key is stored safely by BitGo, who also performs all the essential security and fraud prevention checks. The third key is used to recover users’ funds in case of a service compromise.