According to a blog post published on Feb 13, the Stellar Development Foundation is now a member of the Blockchain Association which lobbies on behalf of blockchain technology. Its main goal is to work closely with lawmakers to help develop blockchain-friendly laws. With this membership, Stellar Development Foundation specifically hopes to “ensure that the vision for Stellar and its ecosystem has a central place in the public dialogue.”
Stellar Development Foundation Is Now A Member Of Blockchain Foundation
Stellar Lumens is an open-source, decentralized project that was created by Jed McCaleb (who also co-founded Ripple) to serve as a bridge currency, subsequently revolutionizing the global financial system. It hopes to eclipse legacy payment systems by providing a faster and highly scalable payment solution.
SDF is now part of a team that consists of other high-profile companies in the crypto industry like Circle, eToro, Grayscale, and Ripple. With this new role, SDF will assist lawmakers and influencers understand better the endless potential of blockchain technology to bring much-needed improvement to the existing financial framework.
At present, there are no clear guidelines regarding blockchain technology in the United States. Per the official statement, SDF will work in tandem with other members of the Blockchain Foundation to champion policies that promote the healthy growth of blockchain technology. If this work proves successful, the United States could become the bellwether in providing regulatory clarity for cryptocurrencies and unlocking their full potential; albeit this is a bit far-fetched as things are now.
Far From The Only Move, Stellar Foundation Has Made To Promote Blockchain
Clearly, this is not the only thing that the Stellar Development Foundation has done to promote blockchain technology. In the past, the Foundation has conducted multiple airdrops where it has distributed XLM tokens to members of the crypto community. For instance, in September last year, the SDF announced that it will be distributing XLM worth $126 million to Keybase users. These airdrops helped onboard many customers with the alluring incentive of free money.
Also, as ZyCrypto reported earlier, one of the oldest banks in Germany, von der Heydt, recently announced that it will be tokenizing securities on the Stellar blockchain. These digital securities will then be offered to the bank’s institutional clients through private placements. Such a move shows that blockchain technology is being embraced by traditional payment systems.
That said, the Stellar Foundation will certainly contribute significantly towards the adoption of blockchain technology by the masses, alongside other members of the Blockchain Foundation. It is to be hoped that these positive developments will also translate into the price of its native token, XLM, which is trading at $0.084395 at the time of publication.