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Category: Stellar

Stellar Development Foundations Takes Part In Abra $55 Million Series C Funding

Leading wealth management platform Abra completed a Series C funding with participation from the Stellar Development Foundation. The company raised $55 million in the round led by major players in the industry, such as IGNIA and Blockchain Capital. The Stellar Development Foundation was one of the new investors in the company alongside Kingsway Capital and Tiga Investment. In addition, Abra received investments from Lerer Hippeau Ventures, Amex Ventures, Arbor Ventures, RRE Ventures, CMT Digital Ventures, and Kenetic Advisors. Related Reading | An Introduction To Stellar And XLM: Mission, Control, And Consensus Other relevant names participated in the Series C funding, according to a press release. The wealth management platform increased its total funding to more than $85 million since its creation. The release claims that the funds will be used to expand Abra’s team into new offerings which include wealth management, trading, and payments. Thus, why the investment from the Stellar Development Foundation could have a relevant role to achieve this goal.  Bill Barhydt, founder, and CEO of Abra said the following: Cryptocurrencies, NFTs and DeFi are now top of mind for almost all investors. The crypto asset class is growing exponentially, even outpacing the early commercial Internet itself. Our vision of crypto-centric banking is coming to life in front of our eyes, and Abra is excited to serve as a leader in the space. Barhydt claimed to feel “proud” of the Abra team and their accomplishments. The executive expects the platform to keep scaling and growing. Stellar And Abra’s Shared History Of Crypto Expansion Since 2020, Abra has seen “tremendous” growth, according to the press release. The company records a ten-fold increase in revenues, and a 0 to $1 billion in assets under management (AUM) for its custody services, Abra Trade and Abra Earn. Related Reading | Stellar Network To Power New Savings API Launched By Wyre In the same period, the company’s 155,000 monthly users have processed $4 billion in transactions. In that sense, Bart Stephens, Managing Partner at Blockchain Capital, said the following on its latest Series C Funding: We believe Abra is on an exciting growth trajectory, led by a strong management team with an understanding of the long-term potential for cryptocurrencies. Abra offers unmatched accessibility for every type of investor which positions the company well for capitalizing on the growth in adoption and interest in cryptocurrencies globally. In 2020, the Stellar Development Foundation made a $5 million investment in Abra. The partners worked to expand Abra’s financial services with Stellar as a blockchain back-end and “democratize access” to them for new customers in developing countries. Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course At the time, the CEO of the Stellar Development Foundation Denelle Dixon said: Abra is building a product portfolio of financial services that aligns directly with our mission to create equitable access to the global financial system. They’re committed to providing innovative investment opportunities in underserved, capital-scarce markets. Alvaro Rodriguez Arregui, a Managing Partner of IGNIA, added: Abra is perfectly positioned to execute on its mission to expand access to crypto assets in a safe and secure way for customers. As international investors ourselves, we recognize the need for safe and reliable access to the crypto ecosystem and are excited to support Abra. At the time of writing, XLM trades at $0,33 with a 3.8% profit in the daily chart.
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An Introduction To Stellar And XLM: Mission, Control, And Consensus

This project is an enigma. On the one hand, Stellar is not for profit, it doesn’t have owners or shareholders, and strives to be somewhat decentralized. On the other, Stellar is a compliance-focused protocol, and its directors often meet with shadowy organizations like the World Economic Forum. According to their website, the protocol seeks “to unlock the world’s economic potential by making money more fluid, markets more open, and people more empowered.” Fine, but, at what cost? Related Reading | Stellar To Power VISA’s New Partnership, XLM Begins Breakout According to the legend, Stellar is a Ripple fork. However, as you’ll see below, that’s not exactly true. Founder of the infamous Mt. Gox cryptocurrency exchange and co-founder of Ripple, Jed McCaleb, launched Stellar in 2014. Joyce Kim, a lawyer, was his partner in the venture. Stripe financed the initial operation. The native currency of the whole Stelar ecosystem is called Lumen or XLM. Stellar’s Mission And Approach The recently appointed CEO and Executive Director of the Stellar Development Foundation, Denelle Dixon, was recently interviewed by “The vision is big: Stellar and SDF hope to unlock the world’s economic potential by making money more fluid, markets more open, and people more empowered,” she told them. On its website, Stellar justifies its existence by telling us. “The way the global financial establishment is structured today, people are born into an economy just like they’re born into a political system. Stellar is a way out: it lets people participate in a worldwide, stable, financial network regardless of where they live.” The controversial aspect is Stellar’s approach. It’s completely opposed to the cryptocurrency ethos. The company wants to build a bridge between the traditional banking system and the cryptocurrency space, but by following the traditional banking system’s rusty rules. “The software has always been intended to enhance rather than undermine or replace the existing financial system.”  In other words, Stellar aims to provide a platform with which all financial actors can interact without any friction. All financial actors that are properly identified and approved by the legacy system, that is.  What Is The Stellar Consensus Protocol? As a consensus mechanism, Stellar doesn’t use Proof-Of-Work or Proof-Of-Stake. It uses its own Stellar Consensus Protocol (SCP.) For a formal definition, let’s quote the paper that Stellar presented at the Symposium on Operating Systems Principles. How did Stellar solve the Byzantine general problem? “With SCP, each institution specifies other institutions with which to remain in agreement; through the global interconnectedness of the financial system, the whole network then agrees on atomic transactions spanning arbitrary institutions, with no solvency or exchange-rate risk from intermediary asset issuers or market makers.” And, what does the Stellar Consensus Protocol accomplish exactly? “SCP lets Stellar atomically commit irreversible transactions across arbitrary participants who don’t know about or trust each other. That in turn guarantees new entrants access to the same markets as established players, makes it secure to get the best available exchange rates even from untrusted market makers, and dramatically reduces payment latency.” For the system to function, Stellar relies on Federated Byzantine Agreements. For a description of what those do, let’s quote Bit2meAcademy: “For the FBAs to function properly, participants must wait for the majority to reach a consensus. In this way, participants know which transactions are most relevant before starting to settle them. So when the majority of the network takes a position, the network accepts the transaction and makes it unfeasible to roll it back for an attacker. In other words, the Stellar Consensus Protocol tends towards centralization and just ignores most of the problems that Proof-Of-Work solves. It does use significantly less energy, though. XLM price chart for 09/04/2021 on Bitfinex | Source: XLM/USD on Key Characteristics Of The Stellar Blockchain Almost all of the Stellar validators are corporate entities of some sort. Or are maintained by the  Stellar Development Foundation. However, “anyone can install the Stellar software and join the consensus process.” Each Stellar Lumen account must have a minimum of XLM in them. This minimum balance protects the network from spam accounts. The Stellar Lumen’s mission is to pay for gas to conduct operations inside the Stellar ecosystem. The Stellar ecosystem was not designed for direct payments. The idea is to provide a platform to serve as an intermediary in currency exchange. The system “doesn’t privilege any particular currency.” The code is open source and auditable by anyone. “The Foundation helps maintain Stellar’s codebase, supports the technical and business communities around Stellar,” great! “And is a speaking partner to regulators and institutions,” ow. Stellar recently signed a partnership with “crypto-asset risk management solutions” firm Elliptic. That means, “Elliptic’s monitoring, compliance, and analysis software now incorporates support for XLM, the native asset of Stellar.” Ow. With the recent protocol 13 update, Stellar allows “fine-grained control of asset authorization.” This means the issuer of an asset can deauthorize accounts and don’t let them use the asset. This means, more control and permissions. The Lumens had an inflation rate of 1% per year. In September 2019, Stellar removed inflation of Lumens. Also, the Stellar Development Foundation burned 55B of their Lumens.  So, Is Stellar a Ripple Fork? In its FAQ, Stellar goes back to its origins: “The old Stellar network launched in July 2014. The node software (stellard) was a modified fork of the Ripple node software (rippled). The ledger was completely new and contained no history from Ripple’s network.” Related Reading | Stellar To Introduce AMM Functionality, What This Means For Its Ecosystem So, the software was originally based on Ripple’s, but the ledger was brand new. Nevertheless, in 2015, when they released the Stellar Consensus Protocol, they re-wrote the software from scratch. From that point onwards, Stellar doesn’t share any code with Ripple. Featured Image by Nicole Avagliano on Unsplash – Charts by TradingView
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Stellar, BNB Price Forecast: July 16, 2021

Stellar price begins the ultimate journey to recovery, breaking away from its peers. BNB price stays in the green for two days in a row as $400 beckons. The cryptocurrency market is generally dealing with a gust of bearish waves. However, as the week comes to an end, the intensity of the downward force appears

The post Stellar, BNB Price Forecast: July 16, 2021 appeared first on Coingape.

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The USDC Stablecoin Will Soon Expand Its Reach To 10 More Networks

The second biggest stablecoin by market capitalization is already a multi-blockchain project. Soon, though, USDC will live almost everywhere. According to Coindesk, it will soon be available in, “Avalanche, Celo, Flow, Hedera, Kava, Nervos, Polkadot, Stacks, Tezos, and Tron.” That will bring the total to 14; since USDC is already functional in Ethereum, Algorand, Stellar, […]
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Stellar To Power VISA’s New Partnership, XLM Begins Breakout

Stellar follows the general market sentiment with green indicators across the board. XLM’s price seems to be positively reacting to the increase in USD Coin (USDC) liquidity on top of its blockchain. Additionally, the Stellar Development Foundation (SDF) made a potential groundbreaking announcement. Alongside VISA, Tala, and Circle, one of the companies behind USDC, the […]
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