Coinbase Announces Stellar Lumens (XLM) Support On Coinbase Wallet App
Coinbase Announces Stellar Lumens (XLM) Support On Coinbase Wallet
All the major crypto exchanges in the world are currently making an effort to support more and more tokens. Now, Coinbase has recently added Stellar Lumens (XLM) to its Coinbase Wallet, according to the official blog of the company.
At the moment, the Coinbase Wallet already support most of the major tokens in the market: Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Ethereum Classic (ETC), XRP and several ERC20-based tokens and ERC721 collectibles. The company is now ready to start adding support for some new tokens and XLM will be the first one of this new batch.
The company affirms that the support for the token will happen for both Android and iOS clients and that they will be already able to upgrade their devices next week. As soon as they update it, they just need to tap on “Receive” and select XLM tokens to enable trading.
You will need to fund your wallet with a least a single token, though. If the account is empty, it will be shut down, so a very small investment is needed in order to start using this new feature.
The announcement also affirmed that the company will support the Stellar testnet. In order to test this feature, you can go to “Advanced Settings” and enable it. On the announcement post, Coinbase affirmed that other popular tokens will “come soon”, but no further information was provided at the time.
About Coinbase Wallet
Coinbase Wallet is a centralized wallet and it also works as the mobile version of Coinbase.com. You can store your tokens, which will be fully encrypted and protected by private keys if you use the services. You will also be able to make trades via the wallet.
It should be noted, however, that this is not a decentralized wallet. The funds will remain in Coinbase’s custody, not your own, but you will have free access to it. If you prefer a more decentralized solution, you should look for a decentralized wallet.