The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams, Hacks & Breaches
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • Chainwire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams, Hacks & Breaches
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • Chainwire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
No Result
View All Result
The Daily Hodl
No Result
View All Result

XRP Rival Stellar (XLM) Turns Green as Commercial Bank Runs Pilot Program for New Digital Currency System

by Daily Hodl Staff
January 16, 2023
in Altcoins, Ripple and XRP

XRP‘s most prominent rival is rallying this week as a Ukrainian banking giant announces the results of using its blockchain in a new digital currency system pilot program.

Stellar (XLM) is a multi-currency transaction network for storying and moving money across the blockchain.

XLM, the Lumen, is the native cryptocurrency of the Stellar network. People can use Lumens as a bridge currency between two fiat currencies when sending money abroad. Stellar aims to move money quickly, at low cost and without any central authority.

XLM is up by 13.4% this week as the general crypto markets pop. Stellar also announced four days ago that TASCOMBANK Hryvnia, one of the oldest banks in Ukraine, recently released the results of a study about issuing electronic money on the blockchain, using Stellar as its test network.

According to the announcement, the study “highlights the advantages of issuing on blockchain.” Such advantages include more transparency, accountability, security, and confidentiality, in addition to lower costs per transaction and a higher throughput threshold.

The test pilot focused on peer-to-peer and merchant payments to test “the issuance of electronic money on an open blockchain with asset-control capabilities for issuers.”

Says Sergii Kholod, the First Deputy Chairman of the Board of TASCOMBANK,

“As part of a pilot project we explored a new way of issuing and managing electronic money which could be a new generation means of payment for the citizens and organizations of Ukraine, their employees and clients, government institutions, and international organizations. The results of the pilot project presented the openness of the bank’s infrastructure to blockchain solutions in the future. JSC TASCOMBANK could provide an appropriate level of financial services using blockchain assets, taking into account all regulatory requirements.”

Further commenting on the success of the pilot, the Deputy Minister of Digital Transformation of Ukraine, Oleksandr Bornyakov, says,

“The results of the Pilot proved the key advantages of blockchain. In particular, fast processing and cost-effectiveness of transactions, accountability and transparency of the system, and also simplified access to financial services. The Ministry of Digital Transformation and TASCOMBANK are considering the approaches to the further market introduction of the blockchain-based payment instruments.”

According to Denelle Dixon, the CEO and Executive Director of the Stellar Development Foundation, the test pilot confirms “that with an open source technology, innovators like TASCOMBANK, with the support of the MDT, can configure virtual assets that are secure, interoperable, and meet regulatory standards.”

“We believe this pilot proves the real world solutions built on Stellar and sets the foundation for greater adoption of virtual assets in Ukraine.”

Follow us on X, Facebook and Telegram

Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Surf The Daily Hodl Mix

 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/jovan vitanovski

Submit a Press Release

Industry Announcements

  • MultiBank Group to List MBG Token on Gate.io and MEXC During Official Token Generation Event
    July 18, 2025
  • GSR Leads $100M Private Placement into Nasdaq-listed MEI Pharma to Launch First Institutional Litecoin Treasury Strategy Alongside Charlie Lee
    July 18, 2025
  • KuCoin Launches xStocks, Delivering a One-Stop Access Point to Top Global Tokenized Equities
    July 18, 2025
  • PlayW3 Unleashes ‘Be the Boss,’ a New On-Chain Business Model That Turns Creators Into Owners – Over $320,000 Already Paid Out
    July 17, 2025
  • Streamex (BSGM) CEO Henry McPhie Highlights BSGM Merger and RWA Tokenization Strategy in Live TV Interview
    July 17, 2025
  • Numerai Announces $1 Million Strategic Buyback of NMR
    July 17, 2025
  • Bit Origin Secures $500 Million Equity and Debt Facilities To Launch Dogecoin Treasury
    July 17, 2025
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$117,799.56
$117,799.56
0.74%
Ethereum
$3,566.45
$3,566.45
4.83%
BNB
$738.87
$738.87
2.85%
Solana
$177.33
$177.33
2.44%
XRP
$3.39
$3.39
3.9%

Spotlight

  • Bitcoin Primed for the Next Major Parabolic Advance, Says Crypto Analyst Kevin Svenson – Here Are His Targets
    July 11, 2025
  • Trader Outlines Catalysts That Could Trigger 350% Bitcoin Rally, Updates Outlook on Ethereum and Avalanche
    July 11, 2025
  • ‘This Could Very Well Be the Ultimate Bull Trap’ – Trader Issues Urgent Crypto Warning As Bitcoin Blasts Past $118,000
    July 11, 2025
  • Banks With One ‘Deficient’ Rating Could Still Be Considered ‘Well Managed’ Under New Federal Reserve Proposal
    July 11, 2025
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Covering the future of finance, including macro, bitcoin, ethereum, crypto, and web 3.

Categories

Bitcoin • Ethereum • Trading •
Altcoins • Futuremash • Financeflux •
Blockchain • Regulators • Scams •
HodlX • Press Releases

 

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON X

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2025 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams, Hacks & Breaches
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • Chainwire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise

© 2025 The Daily Hodl