Cryptocurrency, New York authorities approve Stellar Lumens on itBit

Cryptocurrency, New York authorities approve Stellar Lumens on itBit. New opening towards a rapidly growing cryptocurrency.

Cryptocurrency, New York authorities approve Stellar Lumens on itBit - Stellar Lumens

New openings by New York financial regulators to cryptocurrencies. The institution has announced that it has approved Stellar Lumens a criptovaluta created by the founder of the blockchain competitor Ripple, so that it can be negotiated on the exchange itit.

ItBit, a cryptocurrency trading platform designed for institutional investors, previously only offered trading with Bitcoin: The exchange also got approval from the New York Department of Financial Services last Thursday to add Bitcoin Cash, Ethereum e Litecoin to your platform. The company was also the first in the sector to receive - three years ago - a similar, but wider, authorization than that obtained with BitLicense, required for companies wishing to offer trading or to hold cryptocurrencies on deposit for clients. The NYDFS announced simultaneously that it had assigned BitLicense to Xapo, a Bitcoin storage company with an underground vault in the Swiss Alps.

Returning to Stellar lumens - now there seventh most capitalized cryptocurrency in the world, with a market value of over $ 4,3 billion - the step is certainly significant, as it signals that regulators do not consider virtual currency as a financial asset similar to an action or bond, a much feared designation, which would require the registration as broker-dealer with the US Securities and Exchange Commission.

Also, the move potentially paves the way for other exchanges to negotiate lumens, a factor that could help raise the price of the cryptocurrency. Coinbase, the largest U.S. cryptocurrency exchange, currently offers trading in Bitcoin, Bitcoin Cash, Ethereum and Litecoin, and announced this week that it would add Ethereum Classic to its offerings.

What are lumens

I lumen were created by a company called Stellar, founded in 2014 by Jed McCaleb, founder of Ripple and the now deceased Mt. Gox. With the financing of the Stripe payment company, Stellar's blockchain (or distributed accounting) technology is now used by companies since the start of Kik messaging to IBM, which uses the Lumen network to send payments between countries in the Pacific region. Southern.

The price of Stellar Lumen has increased by more than 5% since the publication of the above news, reaching 25 cents of a dollar.

As for the ItBit decisions, the stock exchange announced that it had asked for approval for the four additional cryptocurrencies because "they were the ones that our customers wanted most", said the operator, who has already added the desire to integrate others in the future, including perhaps the cryptocurrency created by Ripple, XRP.