Coinbase Pro Adds Support For Stellar Lumens (XLM) After Months Of Consideration


Stellar (XLM) is the latest cryptocurrency added to Coinbase Pro, the trading platform for professional traders at leading U.S. crypto exchange Coinbase.

According to a blog post published on Wednesday, Coinbase Pro will list XLM in three pairs against the U.S. dollar (USD), the euro (EUR), and Bitcoin (BTC).

The platform began accepting XLM deposits on Wednesday and said that support for full trading would follow once market metrics sufficed or sufficient liquidity generated, with the initial deposit-only process scheduled to take at least 12 hours.

Coinbase also announced that XLM support would be available to its customers in all jurisdictions where its services are accessible (except those in New York State), with additional jurisdictions to come later.

That said, the crypto isn’t available for retail purchase on or via the exchange’s Android and iOS apps.

Founded in 2004 by Jed McCaleb, who also co-founded Ripple, Stellar’s goal is to help shape the financial sector via its payment network that targets institutions as well as individuals.

Coinbase notes in its announcement that Stellar’s vision since its launch has been “to unite the world’s financial infrastructure,” which would allow banks, businesses, and individuals to access financial transactions faster and at low-costs.

The blog post also adds that Stellar aims to make money flow globally as easily as information does since the advent of the Internet connecting the world’s computers.

XLM was among 5 cryptocurrencies that Coinbase announced were under consideration for listing in July last year. Since then, the exchange has added support for several digital assets, including XRP, Civic, Loom Network, District0x, Decentraland, Dai, Golem, and Zilliqa.

Stellar’s market price has surged by over 30 percent over the last few days even as other coins continued to struggle against a market downturn that has lasted since early last year.

XLM/USD is currently trading over 6 percent on the day, the biggest gainer among the top ten cryptocurrencies. The coin also spiked by a similar margin after Coinbase Pro announced the listing on Wednesday.

At the moment, the token is trading at $0.11 and has a daily trading volume of over $176 million and a market capitalization of $2.1 billion that makes it the seventh largest cryptocurrency according to crypto price tracker.

Disclaimer: This is not investment advice. Cryptocurrencies are highly volatile assets and are very risky investments. Do your research and consult an investment professional before investing. Never invest more than you can afford to lose. Never borrow money to invest in cryptocurrencies.

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