Stellar (XLM) has added two major banks to its network in a week
Stellar blockchain is getting more and more attention from banking institutions.
Thailand’s largest Bank, Siam Commercial Bank (SCB), Stellar uses a blockchain fintech company, Lightnet, in collaboration with a new cross-border money transfer corridor is preparing to open.
The SCB notes that the partnership will make remittances between South Korea and Thailand more efficient. Srihanath Lamsam, a senior executive at SCB, praised the new service model, saying it would increase transaction speeds and increase service capacity. In addition, he said, the service would be offered at a low cost and therefore help meet the growing demand for better international money transfer.
A few days ago, the stellar foundation announced a partnership with Bankhaus von der Heydt (BDNH), one of Germany’s oldest banks, to issue a stable Euro-based cryptocurrency. This cryptocurrency is important as it is the first stable cryptocurrency issued directly by a banking institution in stellar.
XLM outperformed the performance of XRP, which it has often acted on so far in 2020. Since the beginning of the year, XLM has grown 250 percent, while XRP has remained at 167 percent.