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Coinbase to Support Stellar Lumen

Coinbase to support Stellar Lumen

The leading cryptocurrency exchange of US, Coinbase is recognized for adding up a new listing to its exchange to provide its customers with new opportunities. Last month they had promised their clients to add new digital assets to their listing, and it seems they are living up to their words. As per the blog post of 15th March Coinbase has said they have added XLM (Stellar Lumen) to their listing.

From now onwards the customers of Coinbase can sell, store, trade, send and receive XLM. The news has surfaced a week later of the launch of Stellar at company’s specialized exchange Coinbase Pro.

XML is the native token of Stellar payment network. Recently Stellar came to the fame for connecting financial institutions and banks for cost-effective cross border transactions. The service will be initially available to the residents of the United States except for New York, but presently the service will not be provided to the residents of UK.

As the platform receives sufficient supply of tokens, the trading will be opened on order books for USD, EURO and BTC. The trade will span in different phases. The first phase will be post-only-mode. After all the metrics are met for the market, the fourth or final phase will begin.

The mobile app of Coinbase is not yet given the XML capabilities. The authorities have told they will make a separate announcement as soon as it is made available.

Presently the Stellar token is gaining upward traction in the market. It has increased its market valuation by 3% in the last one day.

Coinbase is steadily working to ramp up its new listing procedure to refresh the list of supported digital currencies as well as onboarding the crypto assets those meets its standards. Presently the exchange is supporting 20 different cryptocurrencies among them Bitcoin, Ethereum, Litecoin, Bitcoin Cash, stellar and XRP are listed as top ten.

Although the exchange is not allowing the trade of tokens like Tron, EOS, Teether, and Binance Coin. As per the rumours Binance is the arch-rival of the company.

IBM, the major technology company has also declared the introduction of World-Wire. It will be connecting the financial institutions for cross border transactions, foreign exchange, and remittances. World Wire is built on Stellar protocol; it will use XLM for the payment settlement across 72 different countries.

Another trading firm Riot blockchain has also filled with Securities & Exchanges Commission for their launch of new regulated exchange RiotX.

James Voss

James Voss is a full time writer in CryptoLighty. He holds post graduate degree in computer science and has around one year experience in writing about cryptocurrencies. His technical knowledge and passion for crypto led him to our reporting team. He also interested in analyzing cryptos by technical aspects like different charts.

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