Real Time Cryptocurrency News & Analysis

Stellar price (XLM/USD) sees monster gains as tech gets Islamic finance certification

Stellar Lumens (XLM) has been by far the best performing major digital coin in the past 24 hours, outpacing an upbeat market.

Yesterday, the sixth-largest digital currency benefited from a market-wide upswing that followed the news that the US credit card firm Mastercard had won a patent for a method of speeding up blockchain-based transactions. The digital coin finished the day at $0.252, up from its opening level of $0.238.

The Stellar price rally was further fuelled by the announcement that the Stellar Development Foundation had obtained a Sharia compliance certification for the distributed ledger’s technology and network. The certification was given by the Shariyah Review Bureau (SRB), an international Sharia advisory agency licensed by the Central Bank of Bahrain.

“Stellar is the first distributed ledger protocol to receive Sharia compliance certification in the money transfer and asset tokenization space,” the Stellar Development Foundation announced yesterday in a blog post. “Additionally, the Sharia compliance certification extends to applications and usages of lumens (XLM).”

The foundation further explained that the certification would allow Islamic financial institutions in the Gulf Cooperation Council (i.e. Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, UAE) and parts of Southeast Asia (e.g. Indonesia and Malaysia) to integrate Stellar technology in their Sharia-compliant product and service offerings.

“This is a big advancement for the Stellar network given that these regions are endpoints of popular foreign worker remittance corridors,” the foundation said.

Stellar has shown no signs of slowing down since the start of today’s trading. The coin has managed to overtake Litecoin (LTC) as the sixth-largest digital coin on the market, thanks to a near 30% gain over the past 24 hours.

As of 14:24 BST, the Stellar price stood at $0.300, having topped the $0.30 mark since June 7. The digital coin’s market cap currently stands at $5.6 billion, according to data from cryptocurrency tracker Coinmarketcap.

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