On the 9th August, officials of Shift markets announced a partnership with Lightyear in order to back the incorporation of Stellar Lumens into the growing cryptocurrency markets.
Shift Markets is a cryptocurrency exchange platform which gives access to a single entry point to various markets where cryptocurrency has not yet reached or has not been largely adopted. This also includes those growing markets where XLM can now directly rival with the fiat currencies.
Ian Mcafee, Co-Founder of Shift markets, explained about the deal:
“This is an exciting partnership for us as many of our exchange clients would like to offer Lumens trading on their exchange. Their commitment to provide low-cost financial technologies in developing nations makes them a good fit for our market. We aim to increase Lumen liquidity and usage for both major and exotic fiats”
Reports state that through this collaboration, XLM will be made accessible to everyone without having to first purchase Bitcoin [BTC]. Additionally, this team-up would benefit Stellar in the sense that as fiat currencies increase in number, the liquidity of Stellar would also rise up. This would lead to Stellar having greater chances of getting accepted by banks for cross country payments.
Directors of sales and partnership at Lightyear.io, Paul Arnatoff said:
“We are very excited to partner with Shift Markets to help expand the utility and reach of the Stellar blockchain network. With Shift Market’s technology platform and the customers, they work with, Stellar users will now have access to a growing network of liquidity providers in new and emerging markets”
He further added:
“With new on-ramps and off-ramps for fiat to virtual currency, the Stellar network continues to expand its mission of financial inclusion and reducing friction in cross-border payments.”
A Redditor commented on this partnership saying:
“this will get Stellar lumens even more exposure . good stuff”
At the time of writing, XLM is on the 6th position on the cryptocurrency charts with a trading price of $0.23 and a market cap of $4.39 billion. It has seen a hike of 9.89% in the past 24 hours and 1.85% in the past 1 hour, according to CoinMarketCap.
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