Nasdaq Backs Bitcoin (BTC), Litecoin (LTC) And Stellar (XLM) As It Considers Cryptocurrency ExchangeAccording to an article published on the Nasdaq website, the exchange has thrown its weight to three virtual currencies. Despite the market turmoil and the decline that has been witnessed in the digital currency market, Nasdaq is of the view that Stellar (XLM), Litecoin (LTC) and Bitcoin (BTC) are the virtual coins which are expected to beat the odds.
In the case of Stellar Nasdaq argued that the digital currency was set to reap from the partnerships it has formed. The series of partnerships that Stellar has formed so far started last year in December when the digital currency got listed by Hong Kong’s OKex exchange. Stellar then went on to ink a partnership with tech giant IBM with a view to developing a platform which will be used in enabling cross-border transfers involving seven fiat currencies originating from South Pacific countries including the commodity dollars of New Zealand and Australia.
Additionally, Kin Foundation has disclosed intentions of forking from the blockchain of Stellar as a result of scalability issues and this will see it develop two parallel blockchain solutions. According to a developer for the Kik Messenger platform using the Stellar blockchain will give rise to high speeds and increased efficiency as well as low transaction fees and this will allow the service to attain the scalability which the ecosystem requires.
In the case of Litecoin Nasdaq pointed out that one of the factors favoring the altcoin is the announcement by Blocknet that the virtual currency will become compatible with its protocol thus allowing it to become a cross-blockchain decentralized app. Thus when payment processors accept the coin as a medium of exchange it will also be possible to have the payment made in other currencies. Additionally, when payments are accepted in other currencies it will be possible to accept them in Litecoin.
Another thing working in Litecoin’s favor is the fact that leading digital currency wallet, Abra, announced it will list the virtual currency. According to the chief executive officer of Abra, Bill Barhydt, the wallet will support deposits and withdrawals to be made in Litecoin.
Per Shone Antsey, an analyst at Blockchain Intelligence Group, bitcoin is the anchor digital currency and as such tends to decline in price at a lower rate compared to other cryptocurrencies. Besides being the flagship digital currency by virtue of the fact that it is the oldest and also the biggest by market capitalization, it is also the most stable as well as the one possessing the largest network effect.
Last month Nasdaq reached an agreement with Gemini Trust, a virtual currency exchange which was started by the Winklevoss twins, to allow the use of its technology by the crypto-exchange in ensuring regulatory compliance. According to the chief executive officer of the Nasdaq exchange, Adena Friedman, the firm could in the future launch a virtual currency exchange of its own signaling its growing interest in the cryptocurrency space. Friedman is on record as having said that cryptocurrencies are crucial for supporting the internet economy.