CEO Brian Armstrong Highlights Coinbase’s Altcoin Trading Collection As XLM Reacts Positively
Stellar Lumens Reacts Positively After Being Added To Coinbase
Coinbase continues to expand in the cryptocurrency market. This time, the company has decided to add support for Stellar Lumens (XLM). The digital asset has reacted very positively helping it to leave behind the lowest price it reached a few months ago. The information was released by Coinbase a few days ago and shared by Brian Armstrong, the co-founder, and CEO of Coinbase.
Coinbase Adds Support To XLM
Coinbase has decided to add support to XLM after increasing the number of cryptocurrencies available in its platform. The intention is to attract a larger number of users after a negative 2018. Trading volumes have dropped for users and it is becoming difficult for exchanges to remain profitable as they did in the past.
— Brian Armstrong (@brian_armstrong) March 20, 2019
According to the official announcement released by Coinbase, customers can buy, sell, convert, send, receive or store XLM. XLM is already available for customers in most jurisdictions but it will not be available for users in the United Kingdom of the state of New York.
Coinbase wrote about Stellar Lumens:
“Stellar’s cryptocurrency, the Stellar Lumen (XLM), powers the Stellar payment network. Sellar 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.”
Coinbase explains that they have received several requests from users to start offering other assets on their platform. With the new listing process that they announced back in 2018, the intention is to list those assets that meet their standards.
IBM, an important partner of Stellar, explained that they have created a new type of payment network that has been designed to accelerate remittances and transform cross-border payments to facilitate the movement of money across boundaries.
Stellar is a very similar solution to Ripple and the XRP digital asset. They are direct competitors in the space and both of them were founded by Jed McCaleb. Surprisingly, Coinbase added support to XRP just a few weeks ago after years of requests from users from all over the world.
Both digital assets will now be traded on Coinbase’s platform. The cryptocurrency exchange has also been adding new virtual currencies throughout 2018, specifically during the second half of the year. At the end of 2017, Coinbase only offered support to Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC). Then, the exchange decided to add support for Bitcoin Cash (BCH), Ethereum Classic (ETC), Basic Attention Token (BAT), and Decentraland (MANA), among other cryptos.
Coinbase has been heavily affected by the bear trend in the space. The Block’s Larry Cermak explained that Coinbase has a very tough road ahead in financial terms.
— Larry Cermak (@lawmaster) March 18, 2019
Cermak explained that volumes across the market are down more than 80% since their all-time highs and that Coinbase’s revenues were 100% transactional. Additionally, he said that the firm is trying to diversify its revenue streams by adding a new suite of institutional products.
With these new additions, Coinbase might be trying to increase the trading volume of the platform and help its revenue increase or fall as little as possible. One of the digital assets that could be added to their platform in the near future is Cardano (ADA).
At the time of writing, XLM is the 7th largest digital asset. It has a market capitalization of $2.16 billion and each XLM coin can be purchased for $0.11242.