Coinbase in its quest to support as many crypto assets as possible on its wallet service platform has announced the listing of Stellar (XLM) on Coinbase Pro and is now available for trading on the Coinbase exchange.
According to an announcement by Coinbase, “Support for XLM will be immediately available in Coinbase’s supported jurisdictions, with the exception of New York State. Additional jurisdictions may be added at a later date.”
XLM deposits started at past 1 pm PT on the 13 March Coinbase Pro and lasted for 12 hours before full trading started. Initially, XLM/USD, XLM/EUR, and XLM/BTC trading pairs are available in phases. This will start with the post-only mode and then full trading will eventually commence if “metrics for a healthy market be met.”
Like most other listings, XLM launch will go through four stages namely transfer-only which is the initial deposit for the first twelve hours. The post-only mode which will last for just a minute will allow user post orders but not matched. The Limit-only phase will last for at least ten minutes and users’ limit orders will start matching but market orders cannot be placed. Finally, the full trading phase will open the door to full trading including limit, market and stop orders.
Apparently, the launch has been through all four stages and XLM is now fully available on the Coinbase platform, although it is not yet available on Coinbase.com or via the consumer mobile apps.
Just like XRP, Stellar is one of the cryptocurrency projects targeted at enhancing payments. The payment network is powered by the Stellar token, XLM. the project has a single vision to make funds transfer as cheap and easy as sending emails. The project intends to facilitate payments between banks, business, and even individuals around the world, connecting them in a big network of payment.
Coinbase is committed to adding more crypto assets as meet the conditions for listing. XLM being the number seven cryptocurrency has been one of the top gainers in the cryptocurrency market recently and it is hopeful that this listing will take it up a little more. It currently has the highest gain of 6.64% among the top ten cryptocurrencies.