The Stellar (XLM) project seems to be living up to its name. It might be only the 7th largest coin at present, but the crypto project has been performing like a star, with its XLM seeming to stand for eXtra-Large Momentum in the last week. And to top it all, the Stellar foundation has also become the first of its kind to land Sharia certification. This provides the company with the opportunity to take its blockchain technology into Islamic institutions in the Middle East.
Stellar XML/USD rises by 12% per day
The $4.9billion crypto project, which has a daily trading volume average of about $64million, this week saw its XML/USD rising by just under 12 percent each day for six days in a row when it experienced a bullish streak as the global cryptocurrency market recovered.
In this star-studded week, Stellar also announced that its distributed ledger protocol had become the first to receive compliance certification from the international Sharia advisory agency, the Shariyah Review Board, which is licensed by the Central Bank of Bahrain. This move opens the door to Sharia compliant Stellar money transfer and asset tokenization applications to be utilized in Islamic financial Institutions. The certification also allows for the usage of the XLM lumeCertification Opens Door To Islamic Institutions
Sharia Certification Opens Islamic Doors
The certification opens a huge market for Stellar, freeing it to integrate its technology in partnership with the SRB into Islamic institutions in countries like Indonesia and Malaysia in South East Asia, as well as throughout the Gulf Cooperation Council, which is made up of countries such as Bahrain, Oman, Kuwait, Qatar, the UAE and Saudi Arabia.
Meanwhile the Stellar crypto project will be hoping that it continues to shine and its bullish streak continues – perhaps even taking it through the $0.2850 barrier after it peaked at $0.2750 earlier this week.