Open Protocol, Stellar, Increases by 50% After Acquiring Partnership with Cryptocurrency Exchange

The price of the open protocol, Stellar, flew up by 50% on Wednesday. The blockchain-based company has recently created a partnership with a newly opened Korean cryptocurrency exchange called GOPAX.

The newly opened GOPAX was launched and is operated by Streami.

 

Streami opened up GOPAX in response to the glitches that many of the cryptocurrency exchanges were experiencing when handling a rush of buy and sell orders. Some of the large exchanges in South Korea went further and had to shut down their service for a short period of time due to the increased influx of trades. Streami is a South Korean FinTech startup that focuses on the blockchain sector. Streami also operates Streamwire and has also worked with the largest South Korean Bank (Shinhan) in the past as well.

Global Online Professional Assets Exchange (GOPAX) have already allowed for the trading of BTC, ETH, and BCH. Now, they are going to be adding Stellar to their platform as well. They’ve stated in the past that they would be expanding to further altcoins, and it seems that they are following through on their word.

One official from the exchange states:

“To provide a broader range of choices for users, we are planning to soon list more altcoins (alternative coins) on the exchange.”

Why the increase in interest?

It is an interesting event because although there was little that was really said on the announcement, it really pushed scales for Stellar heavily.

Many altcoins have partnered up with exchanges or launched on exchanges before and they didn’t receive as much fanfare. For some reason, investors think that this is something truly special. This reason may be that even though South Korea is a prominent player in the marketplace, many cryptocurrencies do not run through digital veins of their exchanges. These short few virtual currencies in South Korea means that they are treasured more and draw more interest and enthusiasm.

Secondly, even though the announcement may seem to have possessed only some information, it is likely that there is more at play than a simple listing arrangement. The partnership may run deeper.

The currency has seen its price rise more than 53%, bringing the currency to sit at a comfortable current value of $0.16.

Stellar has been making some significant other events as of late. They have partnered with IBM & Klickex to power the future of cross-border payments. Due to these actions, they’ve received much interest from investors and have been experiencing a consistent jump in prices.

This means that the currency now commands a $2.9 Billion Dollar market cap, making it one of the largest cryptocurrencies in the cryptoworld.

 

About Stellar:

Stellar is Open-Source, Distributed Payments Infrastructure.

It connects people, payment systems, and banks. Integrate with Stellar to move money quickly, reliably, and for a fraction of a penny. They are dubbing themselves as “the future of banking” and will be participating in the remittance, micropayments, mobile branches, mobile money, and services for the unbanked sectors.

By | 2018-06-13T15:35:14+00:00 December 9th, 2017|Cryptocurrency News|0 Comments

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