Despite the entire market being on the red for the past few days, it looks like the interest in Stellar Lumens is constantly growing lately. According to CryptoRecorder, this happens after IBM’s head of blockchain development announced that the digital asset is now live on the IBM blockchain. However, this is not the only support XLM is now receiving.
Banks are preferring it over other coins
The same source mentions that central banks are also showing interest in Stellar Lumens, as it’s considered one of the most durable digital assets and representing fit currency in the real world.
Basically, this means that the biggest aspect of the deal with IBM is to offer central banks an efficient crypto that both Stellar and the financial institutions can work with. Until now, the details of this arrangement have been broken down by several experts, but it’s the implications to investors that makes things even more interesting.
Keeping it short, Stellar Lumens has very big chances of becoming the default crypto for central banks, considering that IBM already offers tech-related services for a lot of them.
Could we see a huge demand for XLM?
Besides this, Jesse Lund, the chief of IBM blockchain, has already met with with the leaders of more than 20 banks, so once the adoption happens, we might as well see an increased demand for Stellar Lumens, especially from people who, until now, were not tempted by cryptocurrency, claiming that it’s “not money”.
Finally, let’s not ignore the fact that a collaboration with Central banks could eventually boost Stellar to the top, as the leader in blockchain-based finance. This is the same market which Ripple is also targeting, as a side note. Central banks are definitely powerful entities, with their decisions having a bearing on the decision on other banks, under their jurisdictions.
Should we expect a possible chain reaction, where other banks will follow? The possibilities are definitely high, with an exponential impact on the XLM token. And the impact of the news is already obvious, with XLM recording some significant gains in the last 24 hours.