Japan: Crypto Exchange Coincheck to List Stellar; XLM Price Spikes
In an official blog post published on November 1, 2019, the Japanese cryptocurrency exchange platform Coincheck announced that it will enable support for Stellar Lumens (XLM) from November 12.
XLM Takes Off for the Japanese Cryptospace
XLM, the native digital token of distributed ledger technology (DLT) project Stellar Lumens which seeks to leverage blockchain technology to enable instantaneous, cheap, and secure cross-border payments will soon be tradable at Japanese crypto exchange Coincheck. Per sources close to the matter, from November 12, 2019, Coincheck customers will be able to buy, sell, and trade XLM on the exchange.
Notably, by introducing support for XLM, Coincheck has grown its crypto portfolio to a healthy 11 tokens. The exchange and payments firm that bagged the regulatory approval from Japan’s Financial Service Commission back in September 2017 allows trading for Bitcoin (BTC), Ether (ETH), Ethereum Classic (ETC), Lisk (LSK), FCT, XRP, XEM, Litecoin (LTC), Bitcoin Cash (BCH), and MONA.
As has primarily been observed, any listing on a major cryptocurrency exchange generally results in a spike in the value of the subject digital currency, and XLM is no exception. Shortly after the announcement by Coincheck, XLM spiked almost 10 percent in value. At press time, XLM ranks 10th on the CoinMarketCap crypto table with a market cap of roughly $1.4 billion, trading at $0.069.
XLM’s Recent Stellar Developments
Consistently pitched as a rival to Ripple Inc.’s cross-border payments digital token XRP, Stellar’s XLM has, in recent times, witnessed increasing adoption across the globe.
As reported by BTCManager on September 26, 2019, major U.S.-based cryptocurrency exchange Coinbase had extended support for XLM in one of the most notoriously difficult places in the world to set up a crypto venture – New York City.
Stellar has also been making waves in the crypto airdrop space. BTCManager informed its audience on September 10, 2019, how the Stellar Development Foundation – the firm behind the development of the Stellar blockchain ecosystem – in association with Keybase instant messaging platform, had launched a mammoth $120 million airdrop.