Following Coinbase Pro’s recent listing of Ripple’s XRP as liquid index, the crypto exchange has announced the addition of Stellar Lumens (XLM) to the elite list of tradable cryptocurrencies on its platform.
In the company’s announcement, it was stated that “support for XLM will be immediately available in Coinbase’s supported jurisdictions, with the exception of New York State. Additional jurisdictions may be added at a later date.”
The Four Stages for Implementation
Just like any other listing, Stellar’s XLM launch will need to complete four initial stages before users can have access to it. These stages include transfers only; which is the first deposit for the initial twelve hours. The post-only mode will last for just one minute and will permit users’ post order, but they will not be matched.
The next stage is known as the Limit-only stage, and this stage will last for about ten minutes, and the limit order of users will begin to match, but market orders will be paused for a while. Then the final stage, the full trading stage, will be made available and will feature limit, market and stop orders.
Presently, Stellar has been launched on the platform, meaning that all four stages have been completed by the cryptocurrency. Therefore, XLM can now be fully accessed by users of Coinbase. It is worthy of note that it will not be available on Coinbase.com or via consumer mobile apps.
Announcing the new Stellar Lumens listing, Coinbase posted on its blog:
“After 1 pm PT on March 13, 2019, we will begin accepting inbound transfers of XLM to Coinbase Pro. We will accept deposits for approximately 12 hours prior to enabling full trading. Please note that inbound transfers require the specification of an XLM memo.”
Easier and Cheaper Transfers
Notably, Stellar shares certain similarities with XRP in the aspect of funds transfer. As a cryptocurrency project, Stellar has a mission to make payment systems more functional with XLM leading the Stellar payment network to achieve the goal.
The Stellar project is driven towards making the transfer of funds cheaper and more comfortable. The project aims at facilitating payments between financial institutions like banks, businesses as well as individuals all over the world by linking them to each other via a big network of payment, according to reports.
The digital asset exchange based in the United States, Coinbase, seems to be ready to launch more crypto assets on its platform as long as the assets satisfy all requirements needed to be listed.
As at the time of writing, Stellar ranks as one of the cryptocurrencies performing well in the market. The digital asset recorded a 7.33 percent surge which at the moment places its price at $0.11 and its market capitalization at $2,117,899,886.