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Stellar (XLM) Price Skyrockets 20 Percent as Half of Its Supply Gets Burned

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    XLM is on a tear after the Stellar Development Foundation burned more than half of the token's supply

Stellar (XLM) Price Skyrockets 20 Percent as Half of Its Supply Gets Burned
Cover image via www.123rf.com

The price of Stellar (XLM) has exploaded by more than 25 percent after half of its supply got destroyed. At the time of writing, XLM is changing hands at $0.081. 

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The crypto project, which was co-founded by former Ripple CTO Jed McCaleb, has burned more than 50 percent of XLM tokens by sending them to an address without signers. As a result, the total supply has dwarfed to 50 bln tokens (as opposed to 105 bln tokens before the burn took place).  

In its Medium blog post, the Stellar Development Foundation (SDF) explains that it destroyed the lion's share of tokens that were reserved giveaway and partnership programs.

SDF's Remaining Lumens
image by medium.com

The SDF claims that there will no be other token burns since the number of lumens in circulation now aligns with their mission.

We’re extremely excited about this renewed focus for SDF and also about the transparency we will bring to these efforts.    

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With 20 bln XLM out in the world, the SDF has 30 bln tokens at its disposal. The foundation explains that it will spend 12 billion on direct development of the network. It also has two billion for 'ecosystem support' and 10 billion for investing in Stellar use-cases.  

Given that giveaways have proven to be "the least effective program for Stellar," it will only keep six billion lumens.   

 
 
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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Bitcoin Fixes This: Former PayPal Exec Has His Bank Account Axed for No Reason

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    Even Roelof Botha, one of the most influential venture capitalists in Silicon Valley, can have his bank account frozen without explanation by banking overlords

Bitcoin Fixes This: Former PayPal Exec Has His Bank Account Axed for No Reason
Cover image via 123rf.com

Venture capitalist Roelof Botha, the former chief financial officer of PayPal, took to Twitter to reveal that Bank of America suddenly decided to close his account without any explanation. Botha claims that he had been the customer of the aforementioned bank for 20 years. 

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In its letter to Botha, BofA, the second-biggest US bank by assets, only mentioned that they had to cut him off after "a careful review of his banking relations."  

Multiple prominent names within the crypto industry suggested that the only reason for the termination could be Botha buying Bitcoin. Particularly, TechCrunch co-founder Michael Arrington, who also happens to be a huge crypto proponent, says that this is his only guess. 

CivicKey CEO Vinny Lingham and Guardian Circle co-founder Mark Jeffrey were also on the same page.  

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Bitcoin Trading Volume Hits New ATH in Argentina After Central Bank Banned Purchasing Crypto with Credit Cards

Bitcoin Trading Volume Hits New ATH in Argentina After Central Bank Banned Purchasing Crypto with Credit Cards

Banks, which see crypto as an existential threat, still have strained relationships with the new asset class.

Moving across the pond, British cycling merchant Scott Snaith had his personal and business bank accounts frozen after making a transaction on a peer-to-peer cryptocurrency exchange. As a result, he didn't have funds to pay his employees.  

Back in August, British banking giant Barclays abruptly ended its partnership with Coinbase back in August 2019 after taking the crypto exchange under its wing in 2018. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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