ANX adds Jed McCaleb's Stellar to trading mix

Hong Kong-based Bitcoin exchange ANX has added Stellar to its list of traded Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term. It will trade with Bitcoin.

Stellar was co-launched by Jed McCaleb, also co-founder of Ripple. According to Stellar's website, he is in fact "resuming development of the open-source technology he created at Ripple."

Its stated function is to provide for the p2p transaction and even conversion of assets like fiat currencies. It states to further differentiate itself in being given away for free: 50% to those signing up for an account, 25% to non-profits focused on "financial inclusion", 20% to Bitcoin and Ripple holders, and 5% to fund operations.

Currently, ANX only supports Bitcoin, Litecoin, Dogecoin, Peercoin, and Namecoin, which can be traded against 10 major fiat currencies. The addition of Stellar, which has yet to prove itself long term, indicates a major show of support. More so because they have not added Ripple, which currently ranks 3rd in market cap.

The new cryptocurrency did get off to a "stellar" start when it was launched for trading, but has since experienced its fair share of Volatility Volatility In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders Read this Term.