BitGo, a leading provider of both security and custodial services focused for blockchain-based digital assets has recently announced support for Stellar Lumens. The news was released via a blog post published on December 5. The addition of XLM to the platform has elevated BitGo as the “first multi-signature wallet and custodial solution on the market supporting the digital currency.”
At the time of writing,BitGo is supporting at least 115 coins and tokens including Stellar (XLM). The platform had announced its intentions to list multiple wallets and digital assets in November 2018 as reported by CoinDesk.
BitGo boasts of the multi-signature feature that gives the platform the ability to support wallets and related custodial solutions for users around the world. Security is of the highest priority on BitGo’s platform. Investors who prefer to have a large crypto portfolio easily find BitGo favorable in addition to the guarantee that their assets will be secure.
In the blog post BitGo showers Stellar with praises for its cutting edge technology especially for its cross-border funds transfer feature. Stellar achieves instant payments at almost zero transaction fees. In addition to that, the transactions take minimal time to settle. The CTO at BitGo, Ben Chan said in regards to XLM’s listing:
“We’re continuously adding support for digital currencies that our clients express interest in, and lumens are a natural next addition. The Stellar network offers BitGo clients access to a public financial structure for cross-border transfers, making XLM an important new asset for investors.”
The new support means users within Stellar’s network can now use the in-built multi-signature feature on BitGo as opposed to using the manual process for creating a multi-signature wallet. The mission of BitGo is to simplify cryptocurrency use. At the sametime, ensuring that security is paramount for all the solutions offered on the platform. Jed McCaleb, Stellar Development Foundation co-founder said in a comment:
“as the leading institutional custodian service and business wallet in the market, BitGo provides a broad range of options for anyone interested in holding lumens. BitGo broadens institutional client exposure to Stellar by making it significantly easier and more secure to hold XLM.”
Stellar Price TechnicalPicture
Stellar’s value is on the rise following the declines that sent jitters in the market this week. The weekend trading is here with us and we can see an upside correction of 9.4%. XLM/USD is changing hands at $0.1236 at the time of writing. The upside moves started after Stellar found support at the lower trendline of the descending channel (close to $0.1065 low).
In the hourly range,Stellar it trading above the moving averages with the 50 SMA providing immediate support at $0.1218. The upper trendline of the descending channel will limit the ongoing bullish retracement. The 21 SMA is below the 50 SMA, showing that selling pressure is still present. However, the 21 SMA is closing the gap for a double crossover which will mark the beginning of a reversal.
Slightly below the current price, the first support is seen at $0.12. The next support target is the 21 SMA while the recent low at $0.1065 is the primary support area. Stellar is poised for higher correction that would extend the current recoil above the channel resistance.