Stellar Price Surges on Tempo Backing, Coinbase Speculation
Stellar Lumens, the seventh largest cryptocurrency by market cap, reported double-digit gains Saturday after Coinbase said it had short-listed XLM as a possible candidate for its exchange listing. Meanwhile, crypto startup Tempo confirmed that XLM will be the base currency for its global crypto-to-fiat platform.
XLM Price Level
The Stellar Lumens price was up more than 10% Saturday, reaching a high of $0.206, according to CoinMarketCap. That was the best reading since July 7. At the time of writing, XLM was valued at $0.205, having gained 9.7%.
XLM trading volumes have surged more than 73% over the past 24 hours, with Binance providing the highest liquidity. More than 40% of daily XLM transactions were processed on the exchange.
At present values, Stellar is capitalized at nearly $3.9 billion.
Stellar on Coinbase?
Hacked reported Saturday that XLM is one of five cryptocurrencies being considered for inclusion on the Coinbase digital currency exchange. Coinbase confirmed via tweet that XLM, Cardano, Basic Attention Token, Zcash and 0x have been short-listed. However, the company later clarified that, while these coins are up for consideration, no decision has been made whether to list them.
“Please note that we are not guaranteeing the listing of any of these assets,” Coinbase tweeted. “We may list them with partial support, or only in specific jurisdictions. In particular, some assets may become available in other countries before the US.”
With roughly 13 million users, Coinbase is the largest U.S.-based digital currency exchange. Last month, the exchange announced it was adding Ethereum Classic to its list of supported coins. Coinbase now enables fiat-to-crypto transactions for five cryptocurrencies: bitcoin, Ethereum, Litecoin, bitcoin cash and Ethereum Classic.
Tempo Stellar-Backed Global Payment Network
Global money transfer service Tempo has announced it is launching its cryptocurrency payment network on the Stellar platform, a move that is expected to make transfer rates more affordable. Through the Stellar network, Tempo can process 600,000 transactions for a fee of roughly $0.01 U.S.
The new service has been described by Stellar as the “largest payment network of any crypto exchange globally…”
Tempo is a European anchor, which allows XLM to facilitate the euro-USD transfer corridor. XLM can therefore be viewed as a liquidity provider in this transaction.
“The existing Tempo remittance network allows Tempo to offer a quick cash-out process in multiple countries” said Jeff Phaneuf, Tempo’s president. “We are now expanding to offer the easiest, fastest and most secure bridge between cash and crypto.”
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
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