Stellar (XLM)’s developers recently announced that they will be partnering with Keybase in order to improve cross-border transactions. This partnership will allow investors and asset holders to perform cross-border transactions without having to input lengthy cryptographic addresses. Nonetheless, let’s check out what Keybase is all about and see how much this partnership will impact Stellar (XLM).
As an overview, Keybase is a free security app which uses public-key enabled cryptographic modules in order to improve the security of smartphones and computers. Stellar (XLM) plans to use this technology to create a new platform which will give users the means to send and receive money globally.
Simplifying the Process
Even though Stellar (XLM)’s transaction network is highly effective, the process of making cross-border payments is quite complicated. This is where Keybase comes in and simplifies everything by optimizing the network to only require an id and password from users.
What Impact Will It Have On Stellar (XLM)?
Stellar (XLM) and Ripple (XRP) are the only two cryptocurrencies which have been designed to function with financial institutions. The reason why banks all over the world are rushing to partner with Stellar (XLM) and Ripple (XRP) is because these cryptocurrencies offer a fast and scalable framework which focuses on fast transaction speeds.
Therefore, the addition of Keybase’s technology will only raise the potential of Stellar (XLM). The new transaction network that the companies are working on will help banks provide their customers with better services and this is surely going to bring new investors to Stellar (XLM) which in return will help grow its price.
At the moment Stellar (XLM) is worth $0.275783. Stellar (XLM) dropped 5.38% of its total value during the last 24 hours and things are not looking good. On the other hand, the news of this Keybase partnership might help Stellar (XLM) make a comeback.