Shift Markets has in a press release announced a new partnership with Lightyear.io to support the integration of Stellar technology, the principal blockchain of the Stellar XLM cryptocurrency. And a rise in XLM value and adoption is expected.
Shift Markets offers a service product that makes it easy for companies and individuals to set up their own brokerage or cryptocurrency exchanges. The firm serves over sixty exchanges globally and will as part of the new deal help to take Stellar XLM to exchanges.
Lightyear, on the other hand, is a division of the Stellar Foundation that works with the company’s new and existing partners to create products and services on top of the Stellar network. Partnering with Shift Market could turn out to be a landmark moment for their product and its currency.
What The New Partnership Will Mean For Stellar XLM
As outlined in the press release, Shift Market is set to fill in a “critical need in the Stellar ecosystem.” Both new and old users face a recurring challenge each time they want to buy XLM. The tokens are not directly traded with fiat, and as such, users have to buy BTC or ETH and then convert them to Stellar XLM on supported exchanges.
The press release points out that “This extra step typically prevents many users from owning XLM and removing it will allow for the broader adoption of Lumens and wider participation in the Stellar network.”
That long route will now be cut short by the new partnership. “Many of our exchange clients would like to offer Lumens trading on their exchange. The aim is to increase Lumen liquidity and usage for both major and exotic fiats,” Ian McAfee, SHIFT’s CEO and Founder.
Paul Arnautoff, Director of Sales and Partnerships at Lightyear.io expressed delight following the confirmation of the partnership and shared insights into what it means for the Stellar network.
“We are very excited to partner with Shift Markets to help expand the utility and reach of the Stellar blockchain network. With Shift Market’s technology platform and the customers, they work with; Stellar users will now have access to a growing network of liquidity providers in new and emerging markets.”
It is big news for XLM holders since it is expected that the currency will trade against multiple fiat currencies in the long run.
Are we closer to widespread Stellar XLM adoption?
“With new on-ramps and off-ramps for fiat to virtual currency, the Stellar network continues to expand its mission of financial inclusion and reducing friction in cross-border payments.”
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