Coinbase’s professional trading platform, Coinbase Pro is supporting Stellar Lumens (XLM) which is currently the 7th largest cryptocurrency by market cap. The announcement released on March 13, 2019.
Stellar Lumens (XLM) on Coinbase Pro
Per the announcement, XLM is now available in Coinbase’s supported regions except for New-York state. Initially, the firm announced that they accept inbound transfer or deposit of XLM only and not supporting order placement at the moment. However, as per the announcement, order book will remain in transfer only mode for at least 12 hours which is now released. Eventually, XLM inbound transfer began from 1 pm PT from March 13, 2019, upon the specification of an XLM memo, the announcement reads.
Inbound transfers for XLM are now available in the regions where trading is supported. Traders cannot place orders and no orders will be 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
XLM Scores Higher – Overtook BNB
At the moment, XLM is surging and overtook Binance coin (BNB) to capture 7th spot. Observers are yet to identify the reason behind sudden growth in Stellar’s value, which is 6.32 percent within a couple of hours – however, it is possibly linked to Coinbase Pro’s announcement of supporting Stellar Lumens (XLM).
At one stage, XLM cryptocurrency is jumped 6.32 percent in just 24 hours, as the other major crypto assets such as BTC, ETH, LTC, faltered. At the time of reporting, Stellar value is sitting at US$0.109
As far as the XLM on Coinbase Pro is concerned – it begins with three cryptocurrency’s pairs, particularly, XLM/USD, XLM/EUR, and XLM/BTC. The blog reads that;
“Once sufficient supply of XLM is established on the platform, trading on the XLM/USD, XLM/EUR, and XLM/BTC order books will start in phases, beginning with post-only mode and proceeding to full trading should our metrics for a healthy market be met,”
At the moment, XLM is not available on Coinbase.com and its mobile app, there will be a separate announcement once the exchange-listed it.
However, the latest release is a result of an earlier announcement of Coinbase that says it will support 30 cryptocurrencies. Until now, Coinbase began supporting Loom Network, XRP, Golem Network, Civic, DistrictOx, Loom Network, Zilliqa, Decentraland, and Dai.
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Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum[at]coingape.com