Stellar (XLM) adds two major banks to its network in one week


Stellar blockchain is gaining more and more attention from banking institutions.

Siam Commercial Bank (SCB), Thailand's largest bank, is preparing to open a new cross-border money transfer corridor in cooperation with Lightnet, a fintech company using the Stellar blockchain.

SCB states that the partnership will make money transfers between South Korea and Thailand more efficient. Srihanath Lamsam, one of the senior executives of SCB, praised the new service model by stating that it will improve transaction speeds and increase service capacity. In addition, he said the service will be available at a low cost and therefore will help meet the increasing 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 euro-based stable cryptocurrency. This cryptocurrency is important as it is the first stable cryptocurrency to be issued directly on Stellar by a banking institution.

So far in 2020, XLM has outstripped the performance of XRP, with which it often moves together. Since the beginning of the year, XLM has increased by 250 percent, while XRP has remained at 167 percent.

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