One of the most popular and promising altcoins in the crypto scene, Stellar (XLM) showed some great performance during the week. The cryptocurrency experienced a notable increase in the value of 20 %for the day and more than 50 %for the week. It is now the 6th biggest cryptocurrency in the world by market capitalization.
Stellar Price Spikes 50% in a Week
As of the moment, the price of one Stellar stands at $0.262330. The last few days for XLM have seen some serious price action, while the majority of other cryptocurrencies have also made significant positive moves.
One of the notable upticks has been performed by Ripple (XRP) during last Friday. On Friday, this cryptocurrency has managed to replace Ethereum as the 2nd biggest cryptocurrency by market cap for a couple of hours. At the moment, the cryptocurrency is changing hands at $0.551532.
Stellar, in the meantime, managed to acquire some serious gains in the course of the last few days. For the last 24 hours, Stellar is the third best-performing cryptocurrency for the day.
Earlier this month, the Stellar-focused commercial company that goes under the name Lightyear Corporation merged with another entity called Chain Inc. The collaboration looks into creating a brand new organization called Interstellar.
It is known that the merger is planning to increase the enterprise products and the customer base to the Stellar’s global public ledger. The parties agreed to deliver a groundbreaking solution to allow for different organizations to issue, exchange, and manage assets on Stellar’s public network. The co-founder of the Stellar Development Foundation and Lightyear, Jed Caleb, has said on the matter:
“Chain’s team has led the market for enterprise adoption of blockchain technology, which is a critical component of building a future where money and digital assets move over open protocols. […] We are thrilled to be joining forces to help organizations build on Stellar.”
Stellar Becomes the First Sharia Approved Distributed Ledger Protocol
Earlier in July, it was 89reported that Stellar became the first distributed ledger protocol to obtain Sharia compliance certification in the money transfer and asset tokenization sector.
The official blog post on Stellar’s website states that the Shariyah Review Bureau has assessed the capabilities and use cases of Stellar. The company also states that the international Sharia advisory agency has released an order that enables the deployment of Stellar technology in Islamic financial institutions.
Shariyah Review Bureau, which is licensed by the Central Bank of Bahrain, has facilitated Stellar to advance its ecosystem in regions where operation in the financial services sector requires compliance with Islamic financial principles.