According to an announcement made by Coinbase Pro (professional offering of United Staes based crypto exchange and wallet service Coinbase) on March 13, the platform will now support Stellar Lumens (XLM).
According to the post, Coinbase Pro will also be accepting XLM deposits for approximately 12 hours prior to allowing complete trading. The platform further intends and notes that once the platform has established a rich supply of XLM, they will enable trading pairs in euro, US dollars, and Bitcoin in phases.
Reports also suggest that XLM will go through three stages before it can enable complete trading, including limit, market and stop orders. The phase involves ‘transfer-only,’ ‘post-only’ and ‘limit only.’ According to reports, the initial two stages will enable users to transfer XML to accounts on Coinbase Pro and post limit orders, while the consequent one will allow customers to match limit orders.
Trading of XML initially will only be available for customers in provinces supported by Coinbase except in New York. Over a period of time, the platform might add new jurisdictions. Previously, in the month of February, Coinbase Pro added further support for XRP (Ripple) which collaborated with already listed ETC (Ethereum Classic), BAT (Basic attention token), and privacy-oriented altcoin ZEC (Zcash).
The crypto community long-awaited addition of XRP to Coinbase. The coin further showed a quick response to the news about it being listed on Coinbase Pro. However, according to a report by Diar (blockchain research firm), XRP disobeys one out of many requirements by Coinbase to be listed on the platform. Coinbase ‘s ‘Digital Asset Framework,’ imposes that “the ownership stake [in a token] retained by the team is a minority stake,” although, according to Diar, XRP holds close to 60 percent of the supply in escrow. At present, according to CoinMarketCap, XLM has gained 3.94 percent and is currently trading at around $0.108