Coinbase Pro, a digital currency exchange, announced on 13 March, that it would begin accepting inbound transfers of Stellar Lumens (XLM).
Coinbase headlined that the support for XLM would be immediately available in all of Coinbase’s supported jurisdictions. However, New York state is an exception without this privilege. Coinbase noted that additional jurisdictions may be added later.
Coinbase expressed that once the sizeable supply of XLM is established on the platform, trading on the pairs XLM/USD, XLM/EUR, and XLM/BTC would start in phases. The initial trading would begin with post-only mode and proceed to full trading if Coinbase’s benchmarks are met.
Coinbase cited on the prominence of Stellar Lumens as –
“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.”
Coinbase drew an analogy to the Internet which connects computers around the globe and fosters information sharing. Coinbase averred that Stellar has this mission for money. Coinbase clarified that XLM is not available on their official website or mobile apps, however, there would be an announcement when this facility would become active.
Coinbase highlighted that there would be four principle stages of the XLM launch. Coinbase clearly conveyed that each of these stages would be followed for each new order. Coinbase made it precise that if any of the new orders fails a relevant assessment, it could be kept latent for a longer period of time. The trading may also be potentially suspended.
Coinbase informed about the stages that each order book would encounter. In the transfer-only phase, customers will only be able to transfer XLM into their Coinbase Pro account. In the post-only stage, customers can post limit orders but there will be no completed orders. The third stage offers limit orders and the last phase presents full trading services.
Coinbase was in the news when it started cracking on its Neutrino acquisition. The exchange had to take a tough decision on a workforce reduction. Likewise, Stellar also made news on its announcement to revamp its brand logo.
Coinbase concluded by noting the most common requests from its customers. Customers have expressed a desire to trade more assets on the Coinbase platform. The exchange reassured that in accordance with its listing process, more assets to its platform are in the pipeline. These assets, however, have to meet the standards.