Coinbase Pro Starts Supporting Stellar Lumens (XLM)

Coinbase Pro, which is an advanced cryptocurrencies trading platform primarily offered for large traders and institutional investors, has revealed that it has added Stellar Lumens (XLM) to its platform.

According to the news release, Coinbase Pro, which is a platform offered by the US-based cryptocurrency exchange Coinbase, have also begun accepting XLM deposits before allowing full trading. The wallet service provider has stated that it will start offering XLM paired with the US dollar, Euro and Bitcoin (BTC) in several stages after accumulating enough supply of XLM.

The trading in XLM will happen in three stages before allowing unrestricted trading, which includes market, limit and stop orders. The stages which are planned are “transfer-only,” “post-only,” and “limit-only.” Users will be able to transfer XLM to Coinbase Pro accounts and place limit orders in the first two stages. In the final stage, matching of limit orders will be allowed for clients.
Initially, XLM trading will be made available for clients in Coinbase’s supported regions, barring the state of New York. More jurisdictions may be added by Coinbase in the future.

In February, Coinbase Pro began supporting Ripple (XRP). The cryptocurrency joined Ethereum Classic (ETC), privacy focused altcoin Zcash (ZEC) and Basic Attention Token (BAT) which were already supported by the platform. Historically, the tokens which were added to the Coinbase Pro platform lateron made its way to Coinbase.com and its Android and iOS apps.

The crypto community had been waiting for Coinbase to add XRP for several months. Following the announcement, XLM has gained 6.3% in the past 24 hours to trade at $0.1096.

In the meanwhile, Diar, a blockchain research firm has alleged that XRP does not match one of the criteria required for listing on Coinbase’s platform. Coinbase, in its “Digital Asset Framework” has stipulated that “the ownership stake [in a token] retained by the team is a minority stake.”

However, according to Diar, Ripple holds roughly 60% of the supply in escrow with a release schedule.