The stellar price climbed more than 50% Wednesday in response to news that the blockchain project had formed a partnership with … launched a Korean cryptocurrency exchange GOPAX.
Earlier in the day, Stellar announced it has entered into a partnership with GOPAX, an exchange launched in November under the banner of Streami, one of the Digital Currency Group's portfolio companies.
Celebration with our new partner @StellarOrg @GOPAX_kr in Seoul, Korea #blockchain #fintech #cryptocurrency https://t.co/7vDZVmNVKU pic.twitter.com/5g1w5Fv0pk
– Stellar (@StellarOrg) December 6, 2017
The announcement was thin on the details, but it immediately pushed up stellar prices up on the charts. The reason is that although South Korea has emerged as one of the largest cryptocurrency markets in the world, many cryptocurrencies – including stellar ones – have not yet penetrated. Even though the stellar "partnership" has proven to be relatively trivial by being listed on the GOPAX stock exchange – although this seems unlikely given the wording of the tweet – this would still provide XLM with its first pair of KRW trading, making it accessible to a host of new investors.
During the last day, the stellar price rose by more than 53%, bringing the current value of XLM to $ 0.16. Stellar had already been a bullish race, largely thanks to the October announcement that IBM had operated the Stellar platform for a cross-border block payments solution. Thanks to this one – quarter rally, stellar 's market capitalization jumped to $ 2.9 billion, making it the 12th largest among all cryptocurrencies. Stellar has accumulated more than $ 360 million in daily transaction volume, almost all of which is concentrated in BTC pairs on Bittrex and Poloniex.
It is likely that more details on the partnership will be revealed on Friday during a joint meeting between Stellar and GOPAX, but many investors are eagerly awaiting the weekend with even more anticipation.
On Saturday, Stellar will hold a joint meeting with Coinone – the second largest cryptocurrency exchange in Korea and a place in the top 10 exchanges. The topic of the meetup is "Roadmap to a Stellar Future", and bullish investors are already speculating that Coinone will add trading pairs to allow XLM to enter the Korean market.
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