On March 13th, 2019, Coinbase announced their newest addition to the Coinbase Pro trading platform – Stellar Lumens, a blockchain-based ecosystem connecting people, payment systems, and banks. This recent announcement seemed inevitable considering Ripple’s XRP was added back in late February, Stellar Lumens’ Co-founder Jed McCaleb’s former project. While Stellar Lumens ($XLM) is not yet available across Coinbase’s retail platforms (ex. Coinbase.com, Android, and iOS) it is immediately available on Coinbase Pro.
Specifically, XLM is the fuel that powers the Stellar payment ecosystem and network, connecting individuals, payment systems, and banks in an efficient and reliable manner. Stellar isn’t a newcomer to the game either, having been established in 2014, it has now become a top 10 cryptocurrency by market capitalization ranking.
The rollout of XLM on Coinbase is divided into four tiers:
- Transfer-only: As of 1pm PT on March 13th, Coinbase Pro users are able to transfer XLM to their account.
- Post-only: In Coinbase Pro’s second stage, users are able to post limit order (with no matches).
- Limit-only: In its third stage, limit orders will begin matching, however; users will be unable to submit market orders.
- Full trading: In Coinbase Pro’s last stage, full trading services for XLM will be available (ex. Limit, market, and stop orders).
With Coinbase being one of the largest platforms to purchase and trade cryptocurrencies, XLM’s recent listing has had a noticeable effect on it’s trade volume and price, having seen a price increase of nearly 7% in the past 7 days. Currently, Stellar Lumens boasts a market cap of just over USD $2.1 billion, and is sitting at an average price of $0.10.
XLM is just one of many cryptos to be listed on Coinbase in the upcoming year, having announced a list of 31 tokens in its listing pipeline. Coinbase notes their overall goal is to offer customers “access to greater than 90% of all compliant digital assets by market cap.” Keep an eye out to see if your favorite project might be listed soon!
To read more about XLM’s Coinbase Pro listing, head on over to their website and blog to check out the March 13th press release. Finally, make sure to follow our cryptocurrency blog for all the latest blockchain news, updates, and informative articles! We’d love to hear your thoughts on any topics you’d like to see covered this 2019.