In a huge coup for altcoins and the diversification of cryptocurrency, Palo-Alto crypto start-up BitGo adds Dash (DASH) and Stellar Lumens (XLM) to the range of cryptocurrencies it offers custodial solutions for. Custodial solutions refer to the way in which a company would hold securities on behalf of a client. Namely, BitGo would offer the opportunity to trade securities on the two altcoins. This means that Dash and Stellar Lumens are now seen as viable as a cryptocurrency to have passed through the stringent coin addition process. Not only does this offer credibility and trust signals to the cryptocurrency, but it furthers the blockchain revolution and shows the extent to which this will develop.
Altcoins Given Go Ahead by BitGo
As part of the new initiative, customers would be able to create digital wallets of Dash, which looks to be a more effective method of payment than what may be offered by Bitcoin (BTC). Lumens wallets will also be on the way, but Dash is leading the charge with the altcoin opportunity. As BitGo claims they are the most secure digital wallets provider, investors into the altcoins are shown the commitment to making them as successful and lucrative as some of the more established alternatives. BitGo itself has a huge pedigree when it comes to Bitcoin, by taking in around $15 billion in Bitcoin transactions per month, with clients spanning more than 50 countries. By allowing Dash and Lumens to be accepted as a viable trade, BitGo is throwing its weight behind them as disruptors in the cryptocurrency industry. The greater the healthy competition for blockchain, the stronger the sector grows.
What Makes Dash Stand Out?
But, when it comes to the stringent coin addition process, why was Dash shortlisted and eventually added? Well, BitGo founder and CEO Mike Belshe claims that the instant payment and privacy payment features of Dash made it a strong contender in the field of cryptocurrency. Real-life examples of Dash in action come from Venezuela, where many citizens are opting to use the cryptocoin as a payment method to avoid any dicey fiscal policies and inflation that may affect bolivar. Dash CEO Ryan Taylor claimed that Venezuela is seeing hundreds of wallet downloads every month and has soared to the second biggest cryptocurrency market for the altcoin. The practical applications worked in the cryptocurrency’s favor in order to show how its uses can transcend digital. The custodial nature of the BitGo platform means that it may be a preferable option over its counterparts as it focuses solely on this and not on trying to hold funds to push for use of its connected exchange.
Stella Lumens Also Looks to Be a Promising Cryptocurrency
Mike Belshe also cited the global payment option for more consumers as a reason to choose Stella Lumens (XLM) as an addition to their range of coins. The somewhat narrow focus allows the altcoin to specialize in an area that means it stands out from the capabilities in scope of other blockchain processes and the way other cryptocurrencies market themselves. Indeed, Stellar Lumens have another coup with IBM’s World Wire system using their blockchain formulation to process international payments. Although the Stella Lumens cryptocurrency has the most seamless fit with the platform, users of World Wire can, in fact, use any cryptocurrency as a payment method. This further convinces users of the benefits of Stella Lumens compared to other less volatile cryptocoins that might be options.
The Future of Cryptocurrency
Blockchain and its many iterations have finally shaken the negative press that the volatility of the coins once held has been stabilized somewhat. Instead, serious investors are seeing cryptocurrency as a viable exchange and one that doesn’t just represent a financial amount, but of a foundation for improving a system. The nature of blockchain means that it can work in areas that traditional banking might not be able to, so to discover a newfound use of a blockchain that is specific to a cryptocoin could end up vastly increasing the value. Ultimately it’s about trust in the industry and the future it represents.
The future of cryptocurrency is not just in the cryptocoins being offered or how they can be bought and sold to fill digital wallets. Increasingly, systems are looking at ways blockchain’s use can mitigate against issues that other forms of payment, or indeed other blockchain formats, have. The ease of global transactions through alternatives to Bitcoin such as Dash and Stellar Lumens means that the initial groundwork has been laid and the cryptocurrency industry is looking at ways it can develop its offering. The fact that so many offerings are in place shows that the blockchain revolution is still in full force and the widespread adoption of faster payment methods and safer and more secure ways of engaging with finances is upon us.
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