Stellar Lumens has been officially approved for trading by New York financial regulators. ItBit, the second largest cryptocurrency exchange have announced the addition of Stellar Lumens to their platform. Because if ItBit’s status as a fully regulated cryptocurrency exchange, this means any cryptocurrency offered by ItBit is approved by New York financial regulators. And now Stellar Lumens is approved for trading by New York financial regulators.
Who are itBit?
itBit are “a regulated US financial services company based in New York City”, whose services include a cryptocurrency exchange and over-the-counter (OTC) services. Their target market is institutions, active traders and other trading professionals.
Stellar Lumens Is Approved For Trading By New York Financial Regulators
The US seem to be making a number of positive moves related to the cryptocurrency industry. This is one of many recent positive steps taken by US regulatory bodies in attempt to bring cryptocurrency to the masses.
This approval for Stellar Lumens is significant in that we now know the XLM cryptocurrency is not considered a security. Coinbase have recently announced they will be adding Ethereum Classic, whilst also announcing that they are in the process of becoming a regulated securities broker. Stellar Lumens may well be added to more exchanges in the near future following this news.
The reason the approval has gone through is simply because itBit is a fully regulated exchange. Meaning, any cryptocurrencies they eventually add to their exchange platform will now be a fully approved by financial regulators. itBiti was the first US bitcoin exchange to receive a US banking license. They have full approval to operate in all 50 states, and is what seems to be part of a move by the US to allow cryptocurrencies to be brought to the mainstream.
What is Stellar Lumens?
Stellar is a decentralized, hybrid blockchain that is fully open-source, founded in early 2014 by Jed Mcaleb and Joyce Kim. The protocol and continuous developments are supported by the Stellar Development Foundation.
Stellar Lumens was created with the idea of facilitating the cross asset-transfers of value, including the aspect of payments. The unique aspect of Stellar Lumens is that it will allow for one to be able to move money across different national borders in a quick, reliable and very cost efficient manner. The project is aiming to be so cost efficient in the transfer of payments that they are aiming to set the cost at a mere fraction of a penny.