Stellar’s XLM token is enjoying great buying pressures following rumours that the Stellar Development Foundation has expressed interest in buying popular American remittance provider, MoneyGram.
Reports that Stellar is working with Advent on a potential acquisition of MoneyGram further pushed the crypto asset past its strong resistance level of 25 cents.
Though private sources reveal no final decision has been made yet, investors are weighing positively on the crypto asset on the account it could provide additional synergy for Stellar, which already oversees a network for facilitating cross-border payments.
At the time of drafting this report, the fast-rising crypto asset on the FTX exchange posted daily gains of about 12% as it traded near $0.27 cent with a daily trading volume of $1.2 billion.
The 17th most valuable crypto asset presently has a market value of $6.3 billion. It has a circulating supply of 23.4 billion XLM coins and a maximum supply of 50,001,806,812 XLM coins.
Stellar began its operation about six years ago with the major aim of facilitating financial inclusion globally by reaching the world’s unbanked, particularly in many parts of Africa and minor Asia.
However, the fintech company updated these objectives by focusing on assisting financial institutions to connect with each other through blockchain technology.
Its crypto token is known as the lumens, with the purpose of making it fairly cheap to trade financial assets across borders. The mission is to outplace many existing payment providers, who often charge high fees for such services.