Stellar Lumens (XLM) Launches on Coinbase Pro, Leading to Fast Jump in Price
Coinbase is known for adding new listings to their exchange to create new exchange opportunities for its customers. Months ago, they stated that they’d be adding many more crypto assets, and they’ve definitely been living up to their word. In a new blog post from Coinbase, the company has revealed its latest listing – Stellar Lumens (XLM).
XLM/USD, XLM/EUR, and XLM/BTC order books will soon enter transfer-only mode, accepting inbound transfers of XLM in supported regions. Orders cannot be placed or filled. Order books will be in transfer-only mode for a minimum of 12 hours. https://t.co/NgCiWEkii8
— Coinbase Pro (@CoinbasePro) March 13, 2019
The announcement was officially made on both Twitter and the Coinbase blog today, which stated that the inbound transfers of XLM would be accepted at 1:00 pm PST on March 13th. For the 12 hours, deposits can continue to roll in before full trading is launched. Read here for the complete list of specifications regarding the inbound transfers: https://support.coinbase.com/customer/portal/articles/2968716.
After the platform has reached a “sufficient supply” of the token, the trading between USD, EUR, and BTC will be made available in order books, spanning across several phases like these listings always go through. The post-only mode is the first phase, though the fourth and final phase (full trading) will begin after the metrics are met for the market. The only location that will not see immediate support for XLM is New York State, considering the substantial laws required to operate an exchange within state limits.
The Stellar Lumen (XLM), fresh off of their new logo, is the cryptocurrency of Stellar, and it is responsible for powering the entire network of Stellar. The goal of this platform is to offer a connection between banks, payment system, and individuals’ efficiently, which has been a continued mission since it launched in 2014. With this unified idea, Stellar has been pivotal in being the connection for money that the Internet was for connecting computers.
To clarify, Coinbase.com and mobile apps do not have XLM capabilities yet. If this option is made available, Coinbase will make a separate announcement.
Presently, the XLM token is trading at $0.108248, and it has been on a mostly upward trend for about an hour. Overall, the last 24 hours have collectively shown almost a 3% increase in price. In the time it took to write this article, the token has gained at least 0.5%.
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