Coinbase Pro, the professional trading arm of crypto exchange, Coinbase, have announced that they have added support for Stellar Lumens (XLM). This comes only a matter of weeks after the exchange accepted XRP. The Stellar Lumen powers the Stellar payment network.
Coinbase Pro are beginning to accept inbound transfers of XLM and will accept deposits for 12 hours prior to authorizing full trading. All inbound transfers require the specification of an XLM memo (a destination tag that is used with XLM transactions) Purchased XLM will be displayed as an asset within the user’s Coinbase wallet.
Three pairs will be listed, Bitcoin, Dollars, and Euros. Once there is a sufficient supply on the exchange, trading will begin everywhere, except New York State where financial regulators need to approve the addition of the asset.
Coinbase Will Be Listing More Assets
The cryptocurrency is not yet available on the exchange’s retail platforms. Although, just as they did when listing XRP, they said they will make “a separate announcement if and when this functionality is added”.
Coinbase also noted that it will be listing even more assets in the coming months.
“One of the most common requests we receive from customers is to be able to trade more assets on our platform. Per the terms of our listing process, we anticipate supporting more assets that meet our standards over time”.
Coinbase said that Stellar aims to connect banks, payment systems and individuals quickly and reliably. “Since its launch in 2014, its vision has been to unite 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”.
The four stages of the launch are transfer-only, post-only, limit-only and full trading. Transfer-only ensures that there is enough liquidity, the other three limit the types of orders that can be executed, until finally full trading is enabled.