About two weeks ago, Ripple XRP, -1.44% found a listing on Coinbase Pro, after which Stellar Lumens XLM, 4.59%, has become the latest addition. Top cryptocurrency exchange Coinbase announced its latest listing of the 7th largest cryptocurrency by market capitalization, to the world, using its Medium blog on 13th March 2019.
The blog post informs about the native crypto of the Stellar protocol being available with “immediate effect” for buying and selling to all users of Coinbase Pro. Excluding the New York State jurisdiction, this facility will be available for use in all locations of the exchange.
The announcement further states that all inbound transfers of the Stellar Lumens to Coinbase Pro accounts will be possible from 1 PM (Pacific Standard Time) on 13th March itself with trading support coming once sufficient liquidity is established.
The functionality for trading will be made available in several stages so as to avoid market manipulation and issues like front running. The trading orders will take a minimum of 12 hours to become active on the platform after deposits begin on Coinbase Pro, according to the post. Full trading will be accessible once both of these things have been taken care of.
Coinbase’s retail platforms, including coinbase.com or its Android and iOS apps, do not show the availability of the cryptocurrency currently. XLM/BTC, XLM/USD, and XLM/EUR are the supported pairs.
Ripple co-founder Jed McCaleb was responsible behind the creation of Stellar with lumens intended at being part of a low-cost payment network.
Since its launch in 2014, this blockchain-based payments network has been known for its low fees and quick transactions.
Coinbase’s blog post mentioned that Steller has a vision of uniting the world’s financial infrastructure so that money can flow quickly and cheaply between banks, businesses, and people,
“the Internet connected the world’s computers so that information could be shared globally. Stellar aims to do the same for money.”
Last December, Coinbase Pro first announced its decision of considering XLM; this was also when the exchange acknowledged more than 30 digital assets it was interested in supporting. Since the initial announcement, support has been added for Civic, District0x, Loom Network, Decentraland, XRP, Dai, Golem network and zilliqa on the platform.
According to the price data, the value of XLM/USD has increased just over 30 percent in the past four days – including the 5 percent which came after Coinbase Pro’s announcement on Wednesday and is currently trading at $0.11.
Being the 12th most-traded cryptocurrency as of now, Steller has accumulated a total of roughly $140 billion in trading volume. Recently, a new visual identity was unveiled by the Stellar project, where a more minimalistic design has replaced the original “rocket ship” logo.