An overview of Stellar Lumens’ Exciting Partnerships
Press release — San Francisco, CA March 22, 2018 at 02:34 UTC
San Francisco, CA — Ever since Stellar Lumens was released to the public in 2014, it has been racking up key partnerships. These partnerships are part of the reason why Stellar has been able to grow in overall market capitalization and break into the top ten cryptocurrencies by size.
Stellar has been attractive to many different companies across a wide range of industries for several key reasons. First, Stellar is extremely fast and can complete transactions in seconds. Second, Stellar transactions only cost a fraction of a penny. Third, Stellar is extremely scalable and can handle thousands of transactions per second. Stellar also has a built-in exchange, can support smart contracts, and was created by the same person who created Ripple, Jed McCaleb.
So, Stellar has a lot going for it. Here are some of the most important partnerships that Stellar has accumulated in the past 3-4 years.
IBM is a tech conglomerate and is one of the most well recognized and top tier of all of Stellar’s partnerships. IBM partnered with Stellar in order to use “digital currency and blockchain technology to move money across borders throughout the south pacific.” This partnership went a long way to demonstrate the serious potential that Stellar has to help high-level companies to become more efficient.
Deloitte is another high-profile company that has chosen to partner with Stellar. Deloitte is one of the world’s most prominent finance and technology consulting firms. 80 percent of the Fortune 500 companies consult with Deloitte. Deloitte also consults with over 6,000 private and middle market companies. Deloitte partnered with Stellar to build what is called the “Deloitte Digital Bank.” This bank is a revolutionary app that helps to facilitate cross-border payments at incredibly fast speeds and very low rates. This app can be used by both consumers and businesses.
Stripe is a very well-known payments company that helps to facilitate online payments. More than 100,000 businesses use Stripe to handle their payments. Stripe provided seed funding for Stellar, and it is strongly considering implementing Stellar on its payment network. If this does end up happening, then it could significantly boost the price of Stellar because hundreds of thousands of businesses would suddenly be able to make payments with Stellar through Stripe. Stripe is listed as a partner on Stellar’s official partner directory.
The ICICI Bank is the largest private sector bank in India in terms of consolidated assets. The ICICI Bank is integrating Stellar in an effort to help speed up transactions and make money transfers easier internationally and domestically. As a nation, India is currently underbanked, so the fact that the ICICI Bank is implementing Stellar could help to significantly increase the number of citizens in India who use banking.
In addition to these major partnerships, Stellar has also secured many other notable partnerships including those with:
- Parkway Projects
Stellar has secured high profile partnerships across many different industries and seems to become more and more widely recognized as a secure and efficient medium of exchange. It has not secured as many high-profile partnerships as Ripple has, however, it appears to be catching up. This is very significant because the two currencies are rivals for the cross-border payments space.
However, despite Stellar’s progress, the cryptocurrency has faced a few steep corrections. The most recent of these in January and February of 2018 saw the price of Stellar fall from a high of around 80 cents to a low of around 30 cents. So, the XLM price has not purely been moving upwards.
Stellar continues to gain impressive partnerships and it is becoming something of a regular ordeal for the cryptocurrency. If Stellar keeps gaining important partnerships at this rate, then it could potentially make its way into the top five cryptocurrencies by market cap. It has been hovering just outside the top five for a few months. But, it is undeniable that major companies have taken a liking to Stellar. So, there is a very good chance that many other major companies could also take a liking to it and form partnerships as well.