Stellar Price Holds Strong Amid Dip as IBM Contract Announced

Stellar is the only coin in the top-10 not to have recorded a loss for the day, as it withstands the dip that has sent everything else into the red.

XLM coins started the day at a price of $0.210. And now, 24 hours later, that price stands $0.211. Not a huge jump in value by any means, but within the context of today’s dip, it makes Stellar stand out.

Tether in 10th place is also showing some slight growth for the day, but such fluctuation is normal, and USDT tokens won’t stray far from the value of $1.

It should be noted that Stellar did enjoy a brief spike earlier today, rising around 3%. That was followed by an equally brief dip lost 3%, and the price eventually evened out. The current price of $0.211 is about the same as it was seven days ago, giving XLM coins an even break for the week.

IBM Down Under

Just last week IBM announced a new $1 billion five-year contract with the Australian government. The project is aimed at bringing the nation of Australia into the digital age, and will be addressing numerous aspects of digital infrastructure – including blockchain.

Stellar stands to benefit greatly from this announcement. As one of IBM’s strategic partners, Stellar will be well placed to show off its skills in the real world. This opportunity also stands as a challenge, however, and crypto enthusiasts will be watching closely to see how Stellar handles itself in the big leagues.

The announcement on IBM’s website stated:

“…the agreement is a cross-brand solutions partnership involving IBM hardware, software and cloud-based solutions, and includes joint innovation programs in quantum, cybersecurity, and research aimed at furthering the government’s digital transformation agenda. It will deliver significant savings over the next five years and supports Australia’s goal to become one of the top-three digital governments in the world by 2025.”

Managing director of IBM Australia and New Zealand, David La Rose emphasized the strength of IBM’s relationship with the Australian government, saying:

“It shows trust and belief in our ability to transform and provide world-leading capabilities, leveraging our investments locally in AI, blockchain, quantum and cloud. We look forward to helping the Australian Government to re-define the digital experience for the benefit of all Australians.”

Jed McCaleb Named as Blockchain Leader

The New York Times ran an article late last month which included Stellar creator Jed McCaleb in its top 10 list of the ‘People Leading the Blockchain Revolution’.

McCaleb was one of the minds behind the initial creation of the Mt. Gox exchange, and also went on to co-create Ripple (XRP), before finally arriving at Stellar – which he sees as an improvement upon his former project.

Such lists appearing in mainstream media should be viewed with suspicion, and are often politically or commercially motivated. However, the namecheck in a high-circulation media source is not to be sniffed at, and could only have helped Stellar’s media presence.

Featured image courtesy of Shutterstock.

Author:
Greg Thomson is a freelance writer who contributes to leading cryptocurrency and blockchain publications like CCN, Hacked, and others.