- XLM hits 200-DMA amid positive news.
- Tempo partnership is set to increase Stellar's liquidity.
Stellar (XLM) is the 7th largest coin with a total market value over $4B and average daily trading volume about $52 million. The coin that forked from Ripple's blockhain aims to facilitate cross-border payments and. XLM/USD bottomed at $0.18 on July 12. Since that time, the coin gained 10% amid news that US-based Coinbase is about to add support for Stellar and four more coins. However, the momentum is capped by 200-DMA (currently at $0.2201).
Meanwhile, Stellar Network announced the creation of global cryptocurrency payment network in partnership with Tempo, one of the leading traditional money transferring companies, which is considered as another positive development for Stellar.
Tempo confirmed that XLM will be used as the base currency for its payment network, which will be able to process 600,000 transactions for a fee as low as $0.01.
"With a network of 190,000 locations in 120 countries, Tempo and their cross-border payments enable customers to pay remotely for services such as water, phone, electricity, and health insurance," the official announcement on Stellar website says.
Tempo will allow to cash out their cryptocurrency holdings immediately, without the tiresome multi-step procedures established on cryptocurrency exchanges. Moreover, the payment network promises to issue a debit card so that the platform users could spend their cryptos with ease anywhere in the world.
“The existing Tempo remittance network allows Tempo to offer a quick cash-out process in multiple countries. We are now expanding to offer the easiest, fastest and most secure bridge between cash and crypto.” the president of Tempo, Jeff Phaneuf commented.
XLM/USD, the daily chart
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