Stellar Lumens Added To Coinbase’s Professional Crypto Trading Platformbr>
Crypto exchange and wallet Coinbase has added support for Stellar Lumens (XLM) on Coinbase Pro, a platform that caters specifically to professional crypto traders.
XLM, the seventh largest cryptocurrency by market cap, is the the native token of the Stellar protocol, an open-source, decentralized protocol for digital currency to fiat currency transfers which allows cross-border transactions between any pair of currencies.
In blog post, Coinbase said that it has started accepting inbound transfers of XLM to Coinbase Pro and will start trading once sufficient supply of XLM is established.
“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,” the company said. “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.”
XLM trading will go through four phases, including “transfer-only,” “post-only,” “limit-only,” and “full trading.” The first two pahses will allow customers to transfer XLM into their Coinbase Pro account and post limit orders without matches (completed orders). In the last two phases, customers will be allowed to match limit orders and full trading services will be enabled.
“We will follow each of these stages independently for each new order book,” Coinbase said. “If at any point one of the new order books does not meet our assessment for a healthy and orderly market, we may keep the book in one state for a longer period of time or suspend trading as per our Trading Rules.”
The exchange noted that XLM is not yet available on Coinbase.com or via its consumer mobile apps, adding that it will make a separate announcement if and when this functionality is added.