Following the recent listing of Ripple’s XRP as a liquid index on Coinbase Pro, Stellar Lumens (XLM) becomes the latest cryptocurrency to join the elite list.
Stellar Lumens (XLM) was founded by the co-founder of Ripple, Jed McCaleb with the main purpose of making cryptocurrency transactions and trading much cheaper and faster. The company’s founder and CEO has often expressed the company’s vision as seeing Stellar transactions become as fast and casual as sending an email. While that is still some way off, the recent development has seen XLM improve on the steady performance it has maintained over the past few weeks.
Coinbase describes the importance of Stellar’s listing on its exchange, comparing Stellar’s vision of connecting financial systems and money like the internet did on a global scale.
“Stellar aims to connect banks, payment systems, and individuals quickly and reliably,” it wrote. “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.”
Trades on Coinbase in XLM already began on Wednesday, and the added support is now official.
Announcing the new support for Stellar Lumens, Coinbase wrote on its official 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.”
Like Ripple and some other coins which have found themselves on the list in what has been a busy few weeks for Coinbase, full trading of XLM coins would not begin immediately but would be implemented in stages instead.
The first stage would allow customers to only make transfers of XLM into their Coinbase Pro accounts but would not be able to receive or make withdrawals. This is to ensure enough liquidity of the new index before full-blown transactions begin.
The second stage would allow customers to make post orders beforehand, while their orders would be held off from being completed until the execution of the third stage which would put a limit on completed orders till full trading is finally approved.
Stellar’s XLM has however quickly gone through all stages as mentioned above and is now fully available for trades on Coinbase.com.