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StellarX Launches | Brand New Zero-Fee Decentralized Crypto Exchange

Today, StellarX launches! StellarX is the Stellar network-based zero-fee decentralized cryptocurrency exchange. The company behind the platform, Interstellar, announced the upcoming launch via a Medium blog post on September 28th. XLM has yet to be positively affected by the news.

StellarX Launches!

Previously, StellarX was open only to a number of individuals who signed up for its Beta testing, but it seems the team at Interstellar feels confident in their product thus far—confident enough to launch publically!

What makes the platform stand out from the rest is that it’s a totally free trading platform. A few “free” exchanges that have popped up as of late, but in actuality have been shown to have deceiving charges—making it not so “free” after all. For example, Robinhood was shown to profit from its customers’ idle funds.

I’m sure you’re all wondering, “Well, what’s the catch with StellarX?” I thought the same thing, but Stellar claims it isn’t here for a cut, and they hope to “redefine how assets move around the world.”

Christian, an employee of Interstellar and the writer of the blog post, explained:

“We take no fees and, even above that, we refund all network costs, something no other decentralized exchange can match. All the while, you have sole control over your assets, so whenever there’s interest, it’s yours. We’ve even written our own fee out of our agreements with deposit partners, who, we’ve found, often put in a percentage by default.”

How do they do this? It’s all in the way they designed their platform. By using Stellar and its consensus mechanism, StellarX requires neither ‘work’ nor ‘stake’ and they don’t need your capital to function.

>> Is Ripple Becoming the Microsoft of Crypto? One CEO Says Yes

StellarX Launches: Assets Galore

StellarX has started by implementing the top cryptocurrencies onto its platform first but claims it plans one diving into a number of the top assets displayed on CoinMarketCap soon.

At its launch, StellarX also has a real fiat onramp, which is a first for a decentralized platform. All you need is a US bank account, and you can deposit USD directly into the app, via ACH.

The group at Interstellar will be adding a number of things to its app in the near future. You can take a look at those things here.

XLM Price Movement

According to CoinMarketCap, XLM is currently trading at $0.239 a coin, down -5.05% in 24 hours. For the week, XLM is down -4.4%.

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Cryptos in Red | Ethereum (ETH), Ripple (XRP), and Stellar (XLM)

Well is anyone truly surprised that last week’s crypto bull-run is over? There are cryptos in red today across the board. About 95% of the coinmarketcap.com’s top 100 list to be more precise, but we’re interested in the real losers. The top dog’s who are also today’s top losers, including Ethereum (ETH), Stellar (XLM), and Ripple (XRP).

Let’s check in with these cryptos in red.

Cryptos in Red: Ethereum (ETH)

Saturday saw Ethereum reach a high of $251.20. But it has been downhill from there. In the past 24-hours, ETH has made a further 10.32% drop. It is now practically at the same level it was before it began climbing last week. No exact catalyst is driving ETH price today, more than likely this fall is the “must come down” part of the phrase that starts with “What goes up…

Cryptos in Red: Ripple (XRP)

It was inevitable that Ripple would not be able to maintain such highs.

Let’s recap last week: last week, Ripple doubled its value in a 48-hour period. It hit a height it had never hit before—$0.69, which meant the coin had grown over 100%. The reason for the XRP price explosion could be attributed to Ripple Lab’s unveiling that its xRapid project could debut within a month. This seemed to spur on a rally. Importantly it had a knock-on effect on the market; cryptos were green across the board.

But alas, our biggest gainer then is our biggest loser now. XRP has lost 14.43% in the last 24-hours. However, if it can level off sooner rather than later, the coin will still have gained overall this month. Let’s hope investors keep hodling.

Cryptos in Red: Stellar (XLM)

Stellar tends to follow closely behind Ripple trends. Today is no different. The coin is currently down 10.71% and appears to be losing more. It did grow exponentially last week keeping closely by Ripple’s side so can it pare any of these losses?

>> Cryptocurrency in India: Supreme Court to Hear Final Petitions Against the RBI Bitcoin Ban

Back in March, Stellar announced it would be implementing the Lightning protocol this December. According to the team, it is still on track for that deadline, and this news should excite investors. The Lightning protocol is deemed to be the best long-term solution for scalability on its network. Stellar wants to improve the user’s experience in terms of speed, throughput, and privacy/security.

It seems like crypto is playing a cruel trick sometimes. It seems inevitable that when cryptos go green, there will soon be cryptos in red.

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Stellar (XLM) Embraced by Visa-Backed Blockchain Company

The Stellar Foundation is a non-profit blockchain project that built the Stellar network. The Stellar ecosystem holds the digital token Stellar (XLM), or Stellar lumens.

The for-profit subsidiary of the Stellar Foundation, Lightyear, purchased Chain for around $40 million. As part of the all-cash deal, all of Chain’s existing investors, such as Citi Ventures, Visa, and Nasdaq will all receive a return on their initial investment, Chain’s co-founder, Adam Ludwin, told Forbes.

“All of the clients that we have now have effectively shifted from using a traditional database model to using a tokens model, issuing assets on a local environment,” said Ludwin, who is CEO of the newly formed Interstellar. “By partnering with Stellar you can fire an asset to another institution.”

Interstellar

Lightyear and Chain will both be retired, and Interstellar will employ 60 individuals. Interstellar will headquarter in both San Francisco and New York City. Ludwin will be taking over as CEO of Interstellar and Stellar’s founder, Jed McCaleb, will become CTO of Interstellar.

Ludwin told Forbes that StellarX, the trading service created on the Stellar blockchain, will also move under the Interstellar umbrella. StellarX is anticipated to launch in just a few weeks.

StellarX states that it is a free, fast, and user-friendly peer-to-peer marketplace. Its website claims that it will hold every asset class imaginable such as cryptocurrencies, bonds, fiat, and commodities. StellarX is currently taking email addresses and will email individuals when the product is made available to the public.

Visa, Nasdaq, and Citi

Last year, Visa announced that it launched the first phase of its B2B payment network that was powered by Chain. Nasdaq and Citi also announced last year separate joint projects that focused on cross-border payments using Chain.

>> Vitalik Buterin Told Bloomberg that Crypto Won’t See “1,000-Times Growth” Again

The reason for the acquisition Ludwin said was because Chain was unable to bring new customers together without a public network. The company thought about making its own public blockchain but then ultimately turned to Stellar. Ludwin said that Chain and Stellar have equal but opposite problems and this merger can solve them both together.

Stellar (XLM)

Stellar (XLM) is currently selling for $0.189410, which puts the coin down 3.76% in the past 24 hours.

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Ethereum News and Stellar News

The cryptocurrency market has been all over the place lately with its price movements, and today, most of the top 10 cryptocurrencies are in the red. Today, we’re going to track the latest Ethereum news and Stellar news.

Stellar (XLM) has made a phenomenal rise on the market lately, but it seems that the world’s second largest cryptocurrency, Ethereum (ETH), has dipped to a year-low today.

Ethereum (ETH) Dips Below $300

Ethereum (ETH)
Source: CoinMarketCap

Ethereum news today has ETH hitting its year-low of below $300, as the coin took an unexpected nosedive during earlier trading. Ethereum hasn’t traded under $300 since November of 2017.

At press time, Ethereum is trading at $290.24 a coin, down -9.86% in 24 hours. For the week, ETH is down -28.59%, and for the month, the coin is down -32.71%. Year-to-date, Ethereum is down -61.59%.

Ethereum developers are frantically trying to solve Ethereum’s on-going scaling issue, but it seems investors have lost confidence in the coin. This year, however, it has been extremely hard to tell if investors have lost confidence in the project itself or if the coin hasn’t made them the money they were expecting it to make for them.

Many investors entered into the crypto market expecting to make a ton of money—with little research. These sharp falls of digital currencies could very well be investors bowing out of the game because coins aren’t making them what they are expecting them to.

>> Facebook Execs Talk with Stellar Foundation

 Stellar (XLM) Soars

The biggest Stellar news is XLM passing EOS to become the fifth largest cryptocurrency by market cap. Currently, Stellar is ahead of EOS by $50 million in its market cap. At press time, XLM is trading at $0.228 a coin, up 3.24% in 24 hours.

For the week, XLM is down -3.38%, and for the month, the coin is up 13.99%.

>> EOS’s Fourth Global Hackathon Announced for San Francisco

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Stellar News | Stellar (XLM) Price is Up But Why? Rumors Abound

Stellar (XLM) is currently the only digital currency within the top 13 cryptocurrencies that is seeing any sort of gains on the crypto market today. So is there any Stellar news today?

Stellar Rumors

There has been no official announcement in Stellar news that would have pushed the cryptocurrency into the green, but there are rumors circulating, perhaps enough to boost investor confidence.

Nearly a month ago, Coinbase announced that it was considering adding five altcoins to its platform. The coins that were mentioned were Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), ZCash (ZEC), and 0x (ZRX).

One user on Twitter said that there was an email sent around three days ago that made them extremely bullish on Stellar but never disclosed the details of the email.

While these are both suspect, they’re still just rumors; it’s hard to say if they have any influence on the Stellar price today.

Facebook and Stellar

About an hour ago, however, Business Insider announced that Facebook is currently in talks with the Stellar Foundation. This could very well be the reason for the spike in price.

Today, David Marcus, Facebook’s blockchain lead, stated that he would be stepping down from the board of Coinbase. In recent months, he has met with various cryptocurrency projects—like Stellar—on how they could be integrated into the Facebook’s platform.

Facebook has been taking steps into the banking realm, and Stellar’s technology could help them with that.

“[Facebook would] be taking the rug out from under the banks,” an anonymous person from Stellar told Business Insider. “They can add a bank more quickly than a bank could build a social network.”

While these reports aren’t official, they may help to explain the spike in the digital currency today. We will see if Facebook or Stellar make any sort of official announcement on their talks or if this too will remain in the rumor mill.

At press time, Stellar (XLM) is trading at $0.229 a coin, up 7.77% in 24 hours.

>> Is it Game-Over for Bitcoin? This Wall Street Analyst Says Yes

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