Stellar is opening to dedicated fund for professional investors! "It sounds boring," I hear you say. Well in reality, It is not so!
So, what is Stellar and what does this nonsense mean?
Stellar, the fruit of Ripple's former founder, Jed McCaleb, is trying to dethrone the SWIFT payment service provider (and Ripple, if it comes to it) as a global provider of cross-border payment services. The Stellar software is designed on its behalf website, to "[expand] access to low-cost financial services to combat poverty and maximize individual potential. "It does so by distributing its native cryptocurrency," Lumens ", as a so-called" bridge currency "between foreign banks, abandoning the need to sneak out with the exchange rates.
Stellar was originally built on a copy of Ripple's open source code and its new algorithm is based on a design by Stanford professor David Mazieres. Its market capitalization is $ 2.04 billion, ranking in a respectable sixth place if measured by market capitalization.
Now the solid grayscale encryption company Grayscale Investments, a subsidiary of the industrial giant Digital Currency Group, the VC company that co-financed Coindesk, Ripple and BitPay, is adding Lumens to his crypto-asset portfolio, a move that apparently will expand its reach among professionals, accredited investors (those earning up to $ 200,000) rather than the rabble who usually takes part in this stuff. It would be the ninth list of Grayscale, followed by titles like Bitcoin and Ripple.
As Redditor u / matthewryancase put it, "This is not a mom and pop retail store … These guys are legitimate!"
The best part? Michael Sonnenshein, greyscale CEO, opened the fund not for a crazy whim, but for a real "investor interest"!
"I think the theory is solid," Sonnenshein said Fortuna. "An American bank can keep large amounts of currencies in foreign banks and be able to bring those foreign currency balances to a balance sheet because the working capital is valuable, and financial institutions will not have to keep balances everywhere. 39; efficiency and will complete budgets for other uses ".
Inevitably, the investors themselves seem to have little concern about the actual use of Stellar in the real world, and they mainly hope that the inflow of accredited pasta will reinforce the price. As such, the information on the investment fund has already been received with another round of advertising. Over it Cryptopanic, a report of the news has gained thirteen "bullish" rises, which for the solitary community of Cryptopanic is tantamount to critical acclaim.
We of decrypt , on the other hand, have zero stellar investments. But Stellar is the sympathetic follower of Crypto, and his "use cases" go far beyond facilitating "Lambo"acquisition, unlike Ripple, which mostly courts the banking elite (with mixed results), Has Stellar collaborated with IBM, focus primarily on helping those in need, the so-called "unbanked", in developing countries. Those inside need of Lambos.