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BitOasis is a cryptocurrency exchange specializing in the Middle East and some parts of North Africa. As of yesterday, Stellar Lumens' XLM digital asset is included in the company's trading platform.
As soon as the press release has been published, all BitOasis users will be able to buy and sell XLMs without trading commissions, combined with the local currency fiat (United Arab Emirates Dirham), but only if they live in Oman, Bahrain, Kuwait , Saudi Arabia and United Arab Emirates. What makes this particular move is, precisely, that match with the local currency rather than with Bitcoin, which is the usual way to go in most of the cryptic exchanges in the world.
It is an exchange that already offers a wide range of digital resources such as Ethereum (ETH), Ethereum Classic (ETC), Ripple (XRP), Bitcoin (BTC), Bitcoin Cash (BCH), ZCash (ZEC), Litecoin (LTC) and Monero (XMR). XLM is the new member of the family.
The announcement came while the cryptography market collapsed for the second time in less than a week, losing 25 billion until it settled at 152 billion. Every single coin has gone down and has suffered from the bear's embrace as can be seen by a majority of red numbers for each individual, except for Ripple which is still traded in red but only in single digits.
We are pleased to announce that Stellar (XLM) is now available on our digital asset trading trading platform with trading commissions of 0% up to 27 November 2018.https: //t.co/6p2kl5xSmN pic.twitter.com/x9RxNaehFt
– BitOasis (@bitoasis) November 20, 2018
At the beginning of this year Stellar Lumens was in the spotlight several times. Coinbase announced it to be considered on its platform. The project has secured several interesting strategic partnerships, the most important of which is, without a doubt, the one with IBM.
Stellar is now the only cryptographic partner of IBM, which means that all the projects that Big Blue wants to bring to the cryptosphere will work on Stellar's blockchain. It will also use XLM as a native token. In the digital world, it rarely gets bigger than this.
But despite a year full of good news for Stellar, the token was not able to avoid beating in the current market. This has nothing to do with the flaws in the project or in the currency, but rather with the fact that the market has collapsed for the entire year, and each asset has suffered from the downward trend in varying degrees.
As we write this article, SLM is at $ 0.2015; it is not increasing and is exchanged in red for more than a whole day. Its market capitalization is 3.86 billion and the volume of trade is $ 119 million.
Do not take into consideration the current price. Stellar is a blockchain project with good leadership, good technology, a clear purpose and many important partners. Slowly, but surely it is getting the adoption, and it is a challenge for Ripple to become the cryptographic platform of choice for the traditional financial sector. And because IBM is already doing business in some way with 90% of global banks, we should not underestimate the potential that XLM holds, whatever the current market trend.
The Stellar logo is a rocket headed to the stars. If news like this continues to appear in the XLM cryptosphere, we do not doubt at all that we will eventually arrive.
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Disclaimer: this article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and its affiliated companies, employees, writers and subcontractors are cryptocurrency investors and may from time to time have holdings in some of the coins or tokens they cover. Please conduct your own in-depth research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Pixabay.
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