Stellar Lumens Finds Listing On Coinbase Pro

Top cryptocurrency exchange Coinbase has recently used its Medium blog to announce to the world its latest listing: Stellar Lumens (XLM) on Coinbase Pro. Published on 13th March, 2019, the new blog post tells us that the native crypto of the Stellar protocol will be available for buying and selling to all users of Coinbase Pro with “immediate effect”. This facility will be available in all locations of the exchange except the New York State jurisdiction.

The announcement also elaborates upon the timing from which the facility will be made available. Apparently, all inbound transfers of the Stellar Lumens to Coinbase Pro accounts will be possible from 1 PM (Pacific Standard Time) on 13th March itself.

In order to avoid possibilities of market manipulation and issues like front running, the functionality for trading will be made available in several stages.

Trading orders will become active on the platform about twelve hours after deposits begin on Coinbase Pro. Full trading will become available only after both these have been taken care of.

The announcement explains:

“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. Support for XLM will be immediately available in Coinbases’s supported jurisdictions, with the exception of New York State. Additional jurisdictions may be added at a later date.”

A while ago, after having added listings for Bitcoin Cash and Ethereum Classic to Coinbase Pro, the exchange had announced that it will be adding the facility for five more tokens: 0x, BAT, ZEC, XLM and ADA. After this addition of XLM to the roster, only ADA remains to be added to the fray. The new functionality also remains to be added to Coinbase’s mobile apps or Coinbase.com.

About the newly added token itself, the blog post said the following:

“Stellar’s cryptocurrency, the Stellar Lumen (XLM), powers the Stellar payment network. Stellar 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. The Internet connected the world’s computers so that information could be shared globally. Stellar aims to do the same for money.”