#BitGo launches support for #Stellar Lumens [#XLM]
Stellar lumens is now available for BitGo Business Wallet clients
BitGo has announced support for Stellar Lumens (XLM), making BitGo the first multi-signature wallet and custodial solution on the market supporting the digital currency.
Lumens (XLM) are the native asset of the Stellar network, a fully open-source distributed ledger.
BitGo multi-signature wallets and custody solutions support over 100 coins and tokens. With the addition of lumens, they now support 115 digital currencies.
BitGo’s wallet and custody solutions are 100% multi-signature, offering the best security for institutional investors who wish to invest in a basket of cryptocurrencies to mitigate risk.
9 blockchains, including the top 5 coins by market cap 5 stablecoins 101 ERC20 tokens
BitGo CEO Mike Belshe highlighted the value that the Stellar network brings to clients with its unique payments system in an October interview on Fortune’s Balancing the Ledger. Specifically, the Stellar network’s infrastructure facilitates cross-asset transfers of value, including cross-border payments, and provides an instant clear, settlement, and execution platform.
“We’re continuously adding support for digital currencies that our clients express interest in, and lumens are a natural next addition. The Stellar network offers BitGo clients access to a public financial structure for cross-border transfers, making XLM an important new asset for investors,” said Ben Chan, BitGo Chief Technology Officer. Until now, users of the Stellar network employed a manual process for creating a multi-signature wallet to hold their lumens. BitGo makes cryptocurrency security easier, providing a safe and secure multi-signature wallet and custody solution for XLM. Along with XLM, BitGo supports Stellar’s federated address syntax, an email-like payment address that makes it far simpler for users to share payment details.
Jed McCaleb, cofounder of the Stellar Development Foundation explained that “as the leading institutional custodian service and business wallet in the market, BitGo provides a broad range of options for anyone interested in holding lumens. BitGo broadens institutional client exposure to Stellar by making it significantly easier and more secure to hold XLM.” Only BitGo offers security, compliance, and custody solutions utilizing multi-signature wallets across all supported digital currencies. With Stellar’s focus on safe, reliable, and cost-effective money transfers, BitGo provides the right foundation for even greater adoption.
About Stellar Lumens (XLM): Stellar is a platform that connects banks, payments systems, and people. Integrate to move money quickly, reliably, and at almost no cost. Stellar is based on a consensus algorithm rather than mining. This means transactions confirm in a few seconds.The supply of lumen increases at a fixed rate of 1% a year.Stellar aims to let you transact in your currency of choice (fiat or digital). The hope is that the currency itself will be mostly a behind-the-scenes currency, and that the Stellar network will help provide more liquidity between currencies. One lumen (XLM) is a unit of digital currency, like a bitcoin.Lumens are the native asset of the Stellar network.Native means that lumens are built into the network. Asset is how the network refers to an item of value that is stored on the ledger.One lumen is a unit of digital currency, like a bitcoin.While you can’t hold a lumen in your hand, they are essential to the Stellar network—they contribute to the ability to move money around the world and to conduct transactions between different currencies quickly and securely. The Stellar network offers the innovative features of a shared public ledger on a distributed, global database—often referred to as blockchain technology. The Stellar network’s built-in currency, the lumen, serves two purposes:First, lumens play a small anti-spam role.Lumens are needed for transaction fees and minimum balances on accounts on the Stellar network in order to prevent people from overwhelming the network and to aid in prioritization.Each transaction has a minor fee—0.00001 lumens—associated with it. This fee prevents users with malicious intentions from flooding the network (otherwise known as a DoS attack). Lumens serve as a security measure that mitigates DoS attacks that attempt to generate large numbers of transactions or consume large amounts of space in the ledger.Similarly, the Stellar network requires all accounts to hold a minimum balance of 0.5 lumens. This requirement incentivizes users to declutter the ledger by eliminating abandoned accounts, thereby that ensuring that all accounts are likely to have economic utility on the network.Second, lumens may facilitate multi-currency transactions.Lumens sometimes facilitate trades between pairs of currencies between which there is not a large direct market, acting as a bridge. This function is possible when there is a liquid market between the lumen and each currency involved.
Stellar Lumens (XLM) is the 4th largest cryptocurrency by market cap size. Its market cap is currently $2,433,306,169 and it has a circulating supply of 19,164,799,606 XLM. It's down 9.41% over the past 24 hours and is currently trading at $0.126967
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