What Is Stellar (XLM)? 14 Things to Know About the Crypto as Prices Soar

Stellar (CCC:XLM-USD) is on the rise Monday as interest in the cryptocurrency rises higher.

Image of a Stellar coin

Source: Stanslavs / Shutterstock.com

Let’s take a look at what potential investors in Stellar need to know about the crypto below.

  • Stellar Lumens is the native cryptocurrency of the Stellar blockchain network.
  • This is a financial network designed to store and transfer multiple types of currency.
  • That includes fiat currencies, such as U.S. Dollar, Euro, and others.
  • It also covers various cryptocurrencies, including Bitcoin (CCC:BTC-USD), Ethereum (CCC:ETH-USD), and obviously Stellar Lumens.
  • One of the major advantages of using Stellar is that it provides the reach of a global bank without the extra hassle.
  • That includes fast transactions across the network, as well as flat fees for transactions.
  • The Stellar platform is also open-source and designed with developers in mind.
  • This means it can be used for business, development, and retail.
  • It’s also worth pointing out that Stellar already has partnerships with loads of other companies.
  • A few worth mentioning are Tangem, Zagg, FinClusive, Flutterwave, and ClickPesa.
  • You can check out a larger list of its partners at this link.
  • One of the requirements of having a Stellar account is that it needs to hold a certain amount of XLM.
  • The reason behind this is to try and dissuade bad actors from making use of the platform.
  • That’s also the reason that the network makes use of a small, flat fee for transactions.

XLM was up 40.1% over a 24-hour period as of Monday afternoon.

Crypto investors looking for more news today are in luck as there’s plenty to go around.

InvestorPlace’s crypto coverage includes a wealth of different topics. That includes price predictions for some cryptos, a new animal-based crypto token, as well as a major hedge fund founder buying some crypto. Learn all about that and more at the links below.

More Crypto News for Monday

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Article printed from InvestorPlace Media, https://investorplace.com/2021/05/what-is-stellar-xlm-14-things-to-know-about-the-crypto-as-prices-soar/.

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