Stellar Lumens (XLM) has just become the latest cryptocurrency to be listed on the Coinbase Pro. Just two weeks after listing Ripple (XRP), Coinbase has announced the listing of the 7th largest cryptocurrency by market capitalization – Stellar Lumens (XLM).
In a recent announcement by Coinbase Pro, the exchange is set to accept deposits of XLM, with trading support coming once sufficient liquidity is established. The cryptocurrency is not available to trade on retail platforms of Coinbase, including coinbase.com or it’s Android and iOS apps. XLM is still in deposit-only mode on the crypto exchange, but full functionality will be enabled soon. Supported pairs include XLM/BTC, XLM/USD and XLM/EUR.
Stellar was started by Ripple co-founder Jed McCaleb, and lumens has been aimed for being a part of a low-cost payment network.
According to Coinbase, “since its inception in 2014, the vision of Stellar has been to unite the financial institutions of the world in order to move money quickly and cheaply between banks, businesses, and people. As the Internet connected the world’s computers so that information could be shared globally, Stellar aims to do the same for money.”
In December 2018, Coinbase Pro made an announcement that it was supporting XLM, and it was among the list of 30+ digital assets that exchange had identified. Since then, the platform has added support for Civic, District0x, Loom Network, Decentraland, XRP, Dai, Golem network and Zilliqa.
According to CoinDesk price data, the price of XLM/USD has increased over 30 percent in the past four days, of which 5 percent came after the recent announcement. The cryptocurrency is currently trading at US$ 0.11. Stellar is the 12th most-traded cryptocurrency in the past 24 hours and accumulated approximately US$ 140 billion in trading volume.
To make deposits at Coinbase, the traders will require a memo to be filled. Memo is required only for Stellar and Ripple in order to ensure deposits get where they’re going. Supported pairs include XLM/BTC, XLM/USD and XLM/EUR.
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