Stellar’s blockchain will power a $17 billion remittance corridor between Europe and Thailand
600 million customers across Thailand and 27 European countries can avail the service
Stellar’s native token XLM pumped 14% in response to the news
JAIPUR (Coinchapter.com) – XLM resumed its uptrend on Thursday after reports confirmed the launch of a Stellar-powered $17 billion remittance corridor between Europe and Thailand. The XLM/USD pair rallied 14% to touch an intraday high of $0.365 before retreating to $0.354.
The pair’s latest upside move followed an almost 11% dip from its previous local top at $0.353 achieved on Thursday. XLM’s current buying price sits near the multi-month resistance of $0.361, recorded on June 9.
A series of downward moves triggered by aggressive profit-takers kept upsides limited beyond the said price then. But the XLM/USD pair’s latest jump reversed the scenario.
The proposed $17 billion remittance corridor connecting Thailand and 27 European Union nations highlighted the Stellar community and XLM markets. As per the official announcement, Velo Labs, TEMPO Payments, and Bitazza Thailand joined hands to build the same.
Velo Labs, TEMPO Payments, and Bitazza open up a $17Bn remittance corridor powered by Stellar. Source: PRNewswire
Stellar’s public ledger will enable cross-border transactions on the global remittance system, which will leverage the Velo Protocol, Velo tokens, and Velo digital credits. TEMPO Payments and Bitazza are the financial institutions participating in the deal. Together the three firms intend to service nearly 600 million customers across the ASEAN and EU markets.
However, the partnership to “revolutionize international payments” took shape amid the Bank of Thailand’s (BOT) warning against using crypto assets for payments. The central bank cited money laundering, price volatility, and online theft as its concerns.
XLM Technical Setup
The XLM/USD exchange rate held firmly over the 50-day and 200-day MA waves while trading within an Ascending Channel setup. Bulls appeared exhausted at $0.36 as the pair entered the overbought territory coinciding with the RSI reading at 68.4. RSI below 50 favors bulls and above 50 bears.
Sellers reversed breakout efforts beyond the Channel by placing sell bids and pushing prices down to $0.355. Market conditions look skewed towards bears, with XLM eyeing a drop towards $0.33 (38.2% Fibonacci retracement level). A selloff scenario below the said price is slim but could take shape.
Himadri is an active investor in cryptocurrencies and upcoming blockchain technology projects. He has been a part of the digital asset space since 2017 and has held multiple positions as Social Media Manager, Assistant Editor, Sponsored Content Manager, Cryptocurrency Journalist roles in reputed news outlets like NewsBTC, Bitcoinist and CryptoPotato. He has also helped numerous blockchain projects gain prominence through terse and succinct marketing/technical content. Himadri comes with a marketing and engineering background, and has worked with reputed names such as GE Healthcare, Volvo Trucks and Polycom before moving into crypto.
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