Coinbase Pro Adds Support for Stellar Lumens (XLM)
Coinbase’s professional offering, Coinbase Pro announces support for Stellar Lumens (XLM). The blog post on March 13 further elaborated that the platform will accept deposits of XLM for around 12 hours before enabling full trading.
As per the post, after Coinbase establishes sufficient supply of XLM, the trading pairs for the token will open in U.S. dollars, euro and Bitcoin (BTC) in phases. Following a similar process as other coins on the platform, XLM trading will also go through three stages before enabling full trading, including limit, market and stop orders.
The stages are – “transfer-only,” “post-only,” and “limit-only.” The former two will enable users to transfer XLM to Coinbase Pro and post limit orders and the last step will allow customers to match limit orders. Initially available for customers in Coinbase’s supported jurisdictions, expect the state of New York. More jurisdictions may be added later.
Coinbase affair with cryptocurrency
While the platform remains exclusive to Bitcoin for quite a while, a change of strategies has led the platform to add a wide range of coins on its platform including Ethereum (ETH), Ethereum Classic (ETC), Basic Attention Token (BAT) and privacy-oriented altcoin Zcash (ZEC). Just last month, Coinbase Pro added support for Ripple (XRP).
In general, these tokens are first added to the Coinbase Pro platform and eventually, the service is extended to Coinbase.com and its apps for Android and iOS. Following the listing of XRP, which has been long-awaited by the crypto community, the price of the coin promptly reacted to the listing and emerged as one of the biggest winners on that day.
However, not everyone was ecstatic with the news, a blockchain research firm Diar stated in their report that XRP breaks one of Coinbase’s requirements to be listed on the platform. Coinbase stipulates in its “Digital Asset Framework,” that “the ownership stake [in a token] retained by the team is a minority stake,” however, as per Diar Ripple holds around 60 percent of the supply in escrow with a release schedule.
As per data from CoinMarketCap, XLM has gained around 3.94 percent on the day is trading around $0.108 at press time.
Image source: Coinbase