How to Buy Moonbeam (GLMR) • Benzinga Crypto

Want to jump straight to the answer? You can buy Moonbeam (Glimmer) on Crypto.com.

Efforts to link various blockchain networks has been a promising yet daunting task for blockchain developers. Since networks operate with different — and sometimes contradictory — rules, the fees and conversions for transacting across multiple chains can add up quickly. 

The Moonbeam parachain seeks to streamline this process, allowing tools for devs to combine the functionalities of various blockchains on the Polkadot network. Glimmer is the proprietary token associated with Moonbeam, allowing investors to purchase and hold proof of stake of a technology many in the crypto space see as promising. 

Will Moonbeam’s versatility give Glimmer a boost in demand as the network becomes more popular or is it doomed to obscurity in a sea of competition?

What is Moonbeam?

Glimmer is the utility token of Moonbeam, a parachain based on the Polkadot network designed to bring Ethereum’s functionality to Polkadot and other Ethereum-based networks. What sets Moonbeam apart from other products is just how exhaustive its features are. 

The network provides the bridges used to connect it to other networks, a full Ethereum Virtual Machine (EVM) implementation system and a Web3-compliant API. This method drastically reduces the fees associated with building the tools necessary to connect disparate blockchains, allowing anyone to start developing ways to link everything from Bitcoin to Ethereum to Polkadot.

The team behind Moonbeam is particularly noteworthy. The Boston-based company was launched by PureStake, a developer of blockchain infrastructure that was already established in the crypto world before Moonbeam started development. They were able to secure a notable $7.4 million in funding from VCs and other sources to launch and develop the project before beating out other parachains to be featured on the Polkadot network late last year. 

In a market full of grifters, the professionalism and respectability of the team behind Glimmer and Moonbeam set them apart.

As a platform to connect disparate blockchain networks, Moonbeam has enormous potential for developers looking to build DeFi technologies. Equilibrium integrated its stable coin pegged to the U.S. dollar with the network as early as December 2020 before the explosion of DeFi tools created during that following summer.

Brief History of Glimmer and Moonbeam

As a utility token, the history of Glimmer is tied closely to the network it was created for. The Moonbeam network was created in January 2020 to serve as the ultimate parachain, allowing for cross-chain communication among existing blockchain networks. Built by a team called the Moonbeam Flightcrew and headed by PureStake CEO Derek Yoo, the project completed its seed round with $1.4 million to launch the network in September of that year. Big names behind Moonbeam’s funding include VC firm Hypersphere Ventures and the Web3 Foundation.

PureStake then raised around $6 million in a campaign to secure a spot as a parachain on the Polkadot network largely from CoinFund, among other VCs, in March 2021. The funding efforts, as well as the efforts of Moonbeam’s supporters on Polkadot, eventually paid off. Moonbeam became a parachain on Polkadot in November. It went live this January.

It was during January that Glimmer also launched. Its market price today has yet to exceed its initial launch value, but given how young the network is as well as how closely its value mirrors that of the crypto market as a whole it’s clear that this shouldn’t be taken as a mark against Glimmer’s growth potential.

How to Buy Moonbeam

Given the potential of the Moonbeam network and the team behind it, it’s no wonder that the network has its own utility token for investors interested in the project to own a piece of it and contribute to its growth. Here are a few ways to go about purchasing Glimmer.

Step 1: Open an online account.

To buy crypto you’ll generally need an account with one of the major exchanges. They streamline the process of purchasing various cryptos and are super easy to get set up.

Benzinga recommends Binance, Coinbase Global Inc. (NASDAQ: COIN) and Crypto.com. 

Step 2: Buy a wallet (optional). 

For those looking for an extra layer of security, you can find crypto wallets on Amazon and at other online retailers. Dissimilar to the funds it holds, a crypto hardware wallet is physical. The decent ones have user-friendly software packages and user interfaces. These demand a password to use, and you can only access the service through USB or Bluetooth on a computer. 

Best Hardware Wallet: Ledger Nano X

Ledger Nano X wallets are the most popular among those who want to carry their digital assets with them. Since its foundation in 2014, Ledger has achieved significant progress. It’s ideal for anyone who wants to keep their Bitcoin or other cryptocurrencies safe from online attacks. The portable gadget is handy and secure, with a digital display for transaction verification and a PIN for confirmation.

Best Software Wallet: MetaMask

For those with their budget in mind, many services used to purchase, sell and convert cryptocurrency also serve the functions of wallets to store your crypto for you securely without the need for you to memorize the hash code and password. MetaMask is the best hot wallet to store GLMR; however, crypto exchanges have custodial wallets that are safe as well. Coinbase and Binance are the most popular custodial software wallets as well as the most popular crypto exchanges. 

Step 3: Make your purchase.

Using a crypto exchange, Glimmer can be bought just like any other cryptocurrency. Users set up a one-time or recurring purchase by inputting their payment information into the secure platform most of these exchanges provide.

Trade, Sell or Convert your Glimmer

The same platforms that allow you to purchase Glimmer, or any cryptocurrency, will also allow you to sell it or convert it to another coin. Many active investors in the crypto space are looking for the next big thing, and as such are keen to find altcoins that might pop. 

Others are more interested in finding coins with growth potential to maximize their profit. Selling cryptocurrency is the process of giving an exchange ownership over your assets in exchange for real-world currency whereas converting it entails exchanging some of the cryptos you own for an amount of a different coin of equal value.

Current Crypto Prices

Like every coin on the market, Glimmer’s price is tracked and analyzed in real-time on multiple market trackers. Its price has mirrored the broader market in recent months and has gone down with the rest of the market. For the most up-to-date cryptocurrency prices, check out our table below.

Is Moonbeam a Good Investment?

Moonbeam’s price has been languishing since its launch. While its acolytes believe in its potential, it currently is experiencing the same doldrums that similar altcoins with serious utility face in an oversaturated market. 

The potential for Moonbeam as a platform sets it apart from most of its competition, even if the details of its technology remain unknown to most. Investors already knowledgeable in cryptocurrency technology and the broader crypto market should research more about Glimmer and the Moonbeam network; its ability to tie the disparate yet popular crypto networks together has enormous potential for developers in the field.