Stellar XLM has been billed one of the best blockchain projects in 2018 and appear set to keep impressing the market through its innovation in the coming years. With old and new alternatives coins and tokens playing in the same niche, Stellar Lumens has gone all out dominate the global payment networks.
The platforms’ value proposition has brought onboard several firms to build their projects on top of its protocol. The success stories of the projects have given the platform huge visibility and have increased its uptake to gain a global brand status in a few years it has been in operation.
Stellar (XLM) Entry Global Payments Market
With the increased demand for fast payments across the globe, IBM spotted Stellar to come up with a system that will make the dream come true. This has seen the birth of Blockchain World Wire (BWW) payment system which is as a result of the corporation between the tech giant and the blockchain outfit.
IBM and the digital asset platform have been working together to come up with a system that will make it easy and cheaper for banks to settle payments distances notwithstanding. Since last year, the two have been working on the project that will see settlements being done using digital assets. To sum it up part of the statement from the project says:
“It all means funds can now be transferred at a fraction of the cost and time of traditional correspondent banking.”
This is not the first partnership between the two outfits. IBM is behind the Stronghold digital asset that is built on the stellar network. The Stronghold is the first of a kind stable coin to be built on Stellar and will be a good vehicle for international payments.
Stellar (XLM) Competitive Edge in the Market
Stellar is not a lone player in the blockchain industry; there are other competing platform eying the same market share. Ripple’s XRP has been talking to banks of repute to introduce its products but this has slowed down due to controversies surrounding the coin and Stellar has all the reasons to take the market leadership.
The competition has however resulted in better services and products with the BWW system set to revolutionize the banking sector should it provide real time transaction once it goes live. The diminishing XRP appeal to the banks and the rise of Stellar as another option will mark the beginning of the disruption in the sector.
The project is however not going to make banks obsolete but compliment them through system integration for fast sending and receiving currency across the world for less. This project will add efficiency and enable banks do away with the tedious processes that make sending money abroad a night mare with a huge population having no access to banking facilities.
Stellar (XLM) Market Current Outlook
It has not been an easy ride for most coins and tokens in the market for the last two months. However, the month of September has seen several digital assets start to recover but still on and off the red zone. The last 24-hour trading period has seen the XLM coin shed 1.18% to the dollar to trade at $0.219749.
Without factoring the existing and anticipated competition in the market, Stellar XLM has a high chance of dominating the market through the support of IBM. The tech firm has the global appeal and reach that XLM can take advantage of to appeal to more banks and this will increase the coin uptake, usability and adoption by smaller banks and merchants.