Stellar’s lumen jumps after news of TransferTo partnership

July 26, 2018
Chris Wheal

Stellar’s lumen was the biggest percentage gainer among the top 10 cryptocurrencies by market capitalisation on Thursday, a day after it announced another influential partnership in the payments sector.

 

Stellar’s lumen cryptocurrency soars after string of positive news

The lumen jumped more than 8% following Stellar’s announcement it was partnering with TransferTo, a leading business-to-business mobile payments network that serves such payments market heavyweights as Western Union, PayPal and MoneyGram.

Stellar network

The partners will incorporate the Stellar Foundation’s blockchain network into TransferTo’s payments network to enable more efficient money transfers across 70 countries.

“By integrating with Stellar, TransferTo will enable a more seamless and efficient settlement method between its network partners,” the payments firm said in a statement.

Lisa Nestor, director of partnerships at Stellar added: “TransferTo is a leader and innovator in the remittance space, and has extensive experience and reach in emerging markets.

“We’re thrilled to be partnering with TransferTo to offer an expanded network for our current and future partners, as well as continue to drive greater financial inclusion for the underbanked.”

Existing partnerships

Stellar has aimed for the stars this year, striking up important partnerships with some big names.

Tempo Money Transfer uses the Stellar blockchain in its cross-border payments network of 190,000 locations across 120 countries. Tempo announced earlier this month that it was to use Stellar’s lumen as its base currency for the payment network.

Meanwhile, last October a payments-related partnership between Stellar and technology giant IBM was announced, and just this month the two said they were collaborating on a new dollar-backed stable coin called Stronghold, that will run on Stellar’s network.

Stellar price skybound

While the good news keeps on racking up for Stellar, the lumen continues to climb.

In April, as the market settled a little following the January-March sell off, the lumen was the eighth-biggest cryptocurrency with a market capitalisation of $7.5bn. Following another downturn in May and June, the digital currency has rallied strongly this month – up 74% since the end of June.

It now ranks as the sixth-biggest cryptocurrency with a market cap of $6.3bn, overtaking litecoin and closing in on eos, whose market cap is $7.9bn.

Top 10 price round-up

Here’s a round-up of the price moves in the top 10 cryptocurrencies as of 11am on Thursday [London time]:

  • Bitcoin -0.3% at $8,267
  • Ethereum +1.5% at $482.88
  • Ripple +1.6% at $0.46
  • Bitcoin cash +0.3% at $851.48
  • Eos +2% at $8.76
  • Stellar lumens +8.4% at $0.33
  • Litecoin +0.4% at $87.24
  • Cardano +1.4% at $0.17
  • Iota +3.8% at $1.04
  • Tron +1.9% at $0.04

 

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

Related News

OL DEX is closing all activities April 25, 2020
USDT (ERC-20) Gateway Enabled April 17, 2020