Stellar Lumens (XLM) Price Soars on itBit’s Listing
Stellar Lumens (XLM) cryptocurrency sees green Light as New York financial regulators approved the coin to be traded on the itBit exchange. This is the first time that New York regulators have approved Stellar on any virtual asset exchange.
The regulatory approval of Stellar Lumens clears the cryptocurrency from being classified as a security The ItBit listing is a decisive move by regulators who are trying to determine which cryptos are currencies and which are securities.
Stellar is currently the eighth largest cryptocurrency by market cap. After the announcement was made yesterday, the currency that traded at $ 0.2252 suddenly found a large increase in its price. In just a matter of 40 minutes, the coin was trading at $ 0.2421.
Impressively enough, the coin has continued to hold its price until now. In addition, the increase in the price has not affected the trading volumes. It still has a healthy trading volume of just over $53 million. With the coin’s price, the market cap has also seen a hike of $400 million.
ItBit, founded in 2012, has been offering Bitcoin OTC trading, custody and escrow services for high-end institutional investors. Its clients include private equity firms, hedge funds, and wealthy individuals.
The virtual currency company also received the first in the industry to receive a statute of NYDFS banking law three years ago, an authorization similar to that of the famous BitLicense of New York.
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