Stellar Lumens [XLM] is gaining traction as a preferred crypto investment. Bitcoin IRA, a platform that combines digital assets with individual retirement accounts, said on Wednesday that Stellar Lumens [XLM] is now the company’s third most popular cryptocurrency.
“We just launched Stellar Lumens and Zcash this past June, and it’s exciting to see both coins take off so quickly,” said Chris Kline, Bitcoin IRA’s chief operating officer.
Currently, Stellar Lumens is the sixth most valuable cryptocurrency, according to CoinMarketCap. The coin has a market cap of close to $3.78 billion.
In simple terms, Bitcoin IRA allows customers to purchase Bitcoin and other cryptocurrencies for their retirement accounts. As of now, the platform provides supports for Bitcoin [BTC], Ethereum [ETH], Ripple’s XRP, Litecoin [LTC], Bitcoin Cash [BCH], Ethereum Classic [ETC], Stellar Lumens [XLM] and Zcash [ZEC]. The platform stores these virtual currencies in a BitGo digital wallet, which uses multi-signature encryption technology to secure funds. In a multi-signature wallet, users will need multiple private keys to move their digital currencies as opposed to a single key.
According to Bitcoin IRA’s website, the platform has processed investments worth $300 million in the last 12 months. The coin has seen a number of important developments which indicate that XLM could attract more users. Most recently, Huobi – China’s biggest crypto exchange – began the trading of the coin on its platform last month.
Meanwhile, Stellar project is delighted to recently received an approval by the Central Bank of Bahrain as Sharia compliant. This declaration implies that Stellar now has a Sharia Certification, which is indicative of an approval from Islamic law.
In a number of Islamic nations, stringent restrictions are imposed on cryptocurrencies. However, this announcement can, indeed, prove to be a turning point in the world of crypto. The primary risks associated with the industry of digital currency are money laundering issues and terrorist activities.
According to the announcement, “we advance our mission of financial access and inclusion by obtaining a Sharia compliance certification for the Stellar technology and network. The Shariyah Review Bureau (SRB), a leading international Sharia advisory agency licensed by the Central Bank of Bahrain, has reviewed the properties and applications of Stellar and has promulgated guidance and guidelines that enable Sharia compliant applications of Stellar technology in Islamic financial institutions.”
Source BCFocus