Stellar Blockchain, an open-source network for currencies and payments, has been one of the most active blockchain projects since its existence. Per recent developments, its native currency, popularly known as Stellar Lumens (XLM), is now listed on Revolut, a popular U.K-based digital crypto bank.
Revolut has been expanding its arsenal of investment options along with its clientele, as it recently expanded to the U.S market in collaboration with Paxos Crypto Brokerage. This is great news of Stellar as XLM would now be exposed to more investors.
As a matter of fact, the listing was the result of “overwhelming demand” for XLM among Revolut users, according to the announcement first reported by Coindesk on July 27.
XLM now becomes the sixth crypto asset to be listed on Revolut after Bitcoin, Ether, Bitcoin Cash, and XRP. Revolut customers will be able to buy, sell, and hold the new asset using their regular accounts.
Previously, Revolut customers weren’t given the rights to the digital assets as it was held by the bank itself. However, the latest announcement added that it’ll now be handing over the beneficial rights to hold and store these assets.
Revolut’s crypto head Ed Cooper believes this move will help enhance its services. He said:
“Adding Stellar and passing ownership of cryptocurrencies to our customers are the first in a series of steps we are taking to seriously overhaul our crypto product.”
Besides this, Stellar has been involved in several collaborations that have further enhanced its blockchain network.
Back in May, the Stellar foundation invested $5 million in the crypto investment app Abra to integrate its blockchain network in Abra’s platform.
Abra recently announced that it’s building a platform that “allows consumers, for example, people who aren’t even familiar with cryptocurrency, to store dollars and earn significant interest on those dollars.”
Where is XLM headed?
Continued development within the Stellar ecosystem saw the price of XLM break the resistance at $0.1000 last week, and also top near $0.10700 this month.
The token, however, attempted a break towards monthly highs but pushed back due to the resistance at $0.10500 to as low as $0.0906.
For now, if the asset fails to hold above the $0.0950 support, the price might be pulling back to the next support zone at $0.0900 level, below which it could revisit the $0.0870 support zone.
On the other hand, the $0.1000 level is the initial resistance for the bulls. If XLM breaks above the $0.1000 resistance, the price could easily surpass the $0.1050 level. At the time of writing, the token is priced a $0.0951, as it holds the 14th position among cryptocurrencies, based on market cap. It is yet to be seen if the Revolut listing could help XLM push towards local highs.