Business and FinanceCryptocurrency

Coinbase Pro Adopts Stellar Lumens (XLM) Weeks After XRP Integration

Stellar Lumens (XLM) Makes It Big

Ripple’s long lost cousin, Stellar Lumens (XLM), has finally been added to Coinbase. In a blog announcement made just hours ago, the San Francisco-headquartered exchange revealed that it had added the crypto asset, one of the most popular tokens in the broader industry,

Starting today, members of the clientele of Coinbase Pro will be able to deposit their XLM coins onto the platform. The deposit period will last 12 hours starting March 13th at 1 PM PST.

Following the 12 hour period, Coinbase will assess whether there is enough liquidity/depth on its USD, EUR, and Bitcoin (BTC) pairs with XLM. The phases that XLM will be launched in are as follows:

  • Post-only — This phase will allow investors and clients of Pro to place limit orders for the XRP trading pairs. Order books will be in post-only mode for a minimum of one minute.
  • Limit-only — This is the final stage before full trading. This phase will see Coinbase’s trading engine matching limit orders, but not market orders.  Order books will be in limit-only mode for a minimum of ten minutes.
  • Full Trading — In the final stage, full trading services will be available, including limit, market, and stop orders.

All users in Coinbase’s supported jurisdictions will be able to trade XLM, save for New York State, whose financial regulators still need to approve the asset’s addition.

It is expected that XLM support on Coinbase.com and the startup’s array of other products will be added within the coming weeks. But, considering that XRP was added to Coinbase.com just days after the Pro listing, users of the former may not be waiting for too long. That’s the hope anyway.

As of the time of writing, Lumens has found itself at $0.11, up 5% in the past 24 hours.

All this comes after XRP was added to Coinbase just a week or two ago.

A Monumental Week For Stellar

All this only underscores the monumental week that Stellar has had in terms of fundamental developments.

The project, heavily utilized by crypto-friendly technology giant IBM, underwent a full redesign last week. Stellar’s logo went from a cartoon-esque rocketship to a sleek, modern, abstract circle design that seems much more 21st century. Funnily enough, in an announcement from the Stellar Development Foundation, founded by Ripple and Mt.Gox creator Jed McCaleb, it was explained that a “cartoon” logo just didn’t make sense for use in formal banking systems, known for its suits.

Crypto startup SatoshiPay has recently revealed that it has partnered with German media outlet Börsenmedien. This business deal will purportedly see the companies harness a Stellar-based solution, which will transfers payments from readers/viewers to the portal.

About author

Nick has been enamored with cryptocurrencies since foraying into the industry in 2013. He has since gotten involved as a reporter, covering news on a number of blockchain- and crypto-related outlets. Email Nick: [email protected]
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