Cryptocurrency exchange BitGo announces to add Stellar Lumens (XLM) and Dash (DASH) to its list of cryptocurrencies. BitGo, which is a major Palo Alto-based startup, helps investors store cryptocurrency holdings. This move of adding XLM and DASH indicates that the two cryptocurrencies are considered to be unique and practical enough to make it through the exchange’s selective coin addition process.
BitGo announced on October 5 that it will enable its customers to keep Dash in digital wallets provided by the exchange. It also stated that in the next couple of weeks, the exchange intends to add support for Lumens, a cryptocurrency associated with Stellar. Stellar is an open source blockchain project that spun out of fintech giant, Stripe in 2014.
BitGo cryptocurrency exchange’s founder and CEO, Mike Belshe said that the exchange would be adding the pair of coins as they offer some advances, especially around payments. Belshe added that Digital Cash or Dash features speed improvements that make instant payments feasible. He further stated that Stellar’s Lumens, on the other hand, focuses on global payments more, for consumers.
The exchange is known for supporting 85 cryptocurrencies through its custody product that include Ethereum, Bitcoin, Litecoin, Zcash and Bitcoin Cash to name a few. BitGo launched BitGo Trust, a qualified custodian for digital assets, last month, as stated in the Fortune report.
Belshe contends that considering the increasing rate of cryptocurrency custody solutions, BitGo will always be considered as a better choice compared to JPMorgan Chase and the New York Stock Exchange, due to custody being its sole focus.
The CEO of cryptocurrency exchange BitGo also stated that Stellar Lumens was a clear pick for them owing to its narrow focus on providing global payments for more consumers. That is what sets it apart from Bitcoin, according to him. Stellar Lumens focuses on transactions instead of being a store of value like Bitcoin. The adoption rates of Stellar Lumens are on the rise specifically from World Wire, IBM’s new cross-border settlement system. World Wire uses Stellar’s blockchain in order to process international transactions, as stated in the NewsBTC report.
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