Crypto News

XLM explodes as UNICEF blockchain cohort adds a Stellar-backed wallet

Takeaways:

  • UNICEF has announced an investment of more than $300,000 into seven blockchain startups.
  • Stellar blockchain-based Leaf Wallet is one of the beneficiaries and received $48,900 and ETH 20.69 ($51,700) in funds.
  • Meanwhile, XLM, Stellar’s native token, saw its prices go up on the second consecutive day, rallying by almost 4.46% after the announcement.

New Horizons For Stellar

Stellar’s XLM prices have been volatile since May 19. Over the past three weeks, the cryptocurrency has rallied by about 54.2%, though the trend has been slightly bearish. However, analysts speculate long-term gains for the coin, which can fuel buying sentiments. In addition, Stellar’s latest milestones may also prompt traders to buy, rallying the coin further.

XLM prices rebounded from the 61.8% retracement level. Although the Stellar token has remained below the 200-Day 4H and the 50-Day 4H SMA lines since the crash, it now seems to be moving closer to the 50-Day 4H line.

XLM, XLM explodes as UNICEF blockchain cohort adds a Stellar-backed wallet
Stellar price trend. Source: XLMUSD on Tradingview.com

The trading volume of XML has increased in the last couple of days. As of now, the support level for the Stellar token is $0.3322. The first major resistance level is at $0.3825. The RSI for XLM has stayed between 38.01 and 51.26 for the last week. MACD for the token has been below 0 since June 4. Currently, it is moving upwards, which is a positive sign.

Based on the Stellar blockchain, Leaf wallet’s inclusion in the UNICEF cohort will provide XLM some traction. Leaf received the funding for ‘developing a virtual bank for refugees, migrants, and vulnerable populations.‘ This will help the users establish a biometric and economic identity in a new country.

https://twitter.com/StellarOrg/status/1402853882108125189

Leaf’s wallet is accessible via both smartphones and feature phones. The company uses the Stellar blockchain for storing transaction data and value in stablecoins. It allows users to store money in multiple currencies. Furthermore, it enables low-cost remittances and pays for goods and services.

Also Read: Stellar Eyes Strong Rebound This Weekend as XLM Tests Dependable Support Range

The Rwanda-based firm plans to use its funding for expansion to three other African nations and partner with financial institutions.

UNICEF’s Luminous Announcement

UNICEF is the United Nations agency responsible for humanitarian and developmental aid. UNICEF Innovation Fund is a program that invests in open source, emerging technology digital services. For the first time, the agency will provide USD and/or in cryptocurrency through the UNICEF CryptoFund. Moreover, it is the first UN agency to deal in cryptocurrency.

https://twitter.com/UNICEFinnovate/status/1402611527266582532

Also Read: Is XRP A Good Investment As Bitcoin Declines Continue?

In addition to Leaf, UNICEF is funding 6 other startups from different countries. With Leaf’s expansion, Stellar has the opportunity to highlight many of its features, like low fees, zero environmental impact, transparency with anonymity, on a global platform.

What Comes Next

UNICEF announcement is an important benchmark for XLM. It underlines Stellar’s goal of making the financial world more open to individuals and businesses.

XLM has been out of the news, which has not helped its price rally. For example, Stellar blockchain upgraded to Protocol 17, which helps implement an ‘asset clawback’ feature. With this feature, businesses can take back assets when fraudulent activity is detected.

https://twitter.com/StellarOrg/status/1387168751708217348

Thanks to the upgrade, Stellar has become compliant with regulators in many jurisdictions.

DSTOQ, a Liechtenstein-based FinTech company, also uses the Stellar blockchain. It helps traders in emerging markets to invest in blue-chip securities like Tesla, Apple, etc. Additionally, the users can invest in bonds and commodities as well. With low transaction fees and enhanced speed DSTOQ, using Stellar has made investing easy across borders.

https://twitter.com/StellarOrg/status/1402289596671545349

Stellar provides a decentralized exchange for any type of asset issued on DSTOQ, with the added benefit of better security.

Stellar has great fundamentals, backed by its technology base. Long term holders may look to buy in now, which can rally the prices up. At the time of writing, XLM is trading at $0.3346.

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Anshuman Roy - CoinChapter
Anshuman Roy

A Delhi based content writer, I did my bachelors in engineering with major in electronics and communications. I first heard of bitcoin while writing an article about blockchain technology a few years back, and have been following it ever since. Bitcoin may well be current big thing happening in the finance industry, and it feels like the right time to join the crypto bandwagon.

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