Hong Kong-based Bitcoin exchange ANX has added Stellar to its list of traded cryptocurrencies. 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.”
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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.