Popular cryptocurrency exchange Coinbase Pro has started the process of adding Stellar (XLM) to its platform, announced in a tweet on Wednesday.
The listing process will likely be the same as other recently listed assets such as Ripple’s XRP. For the first 12 hours, only inbound transfers will be available, followed by a short post-only mode, which allows users to place orders that won’t yet be filled. Next is the limit-only mode, which lasts 10 minutes and begins the process of filling users’ limit orders. Finally, full trading capabilities are opened to users and limit, market, and stop orders will all be available to be placed and filled.
At the time of writing, XLM has undergone the entire listing process and is now fully available on the Coinbase Pro platform. It is expected that the asset will soon also be listed on Coinbase.com – XRP, for example, had only a 3 day period between its Coinbase Pro and Coinbase.com listings.
Stellar is a payments platform widely considered to be a competitor to Ripple. It aims to make payments between parties as quick and cheap as possible – using its coin (XLM) as an intermediary for the exchange. Payments are transferred from the sender’s currency into Lumens, then converted into the receiving user’s currency. In October 2017, Stellar made headlines for a partnership with IBM and KlickEx to develop a cross-border payments solution.
At the time of writing, XLM is up 4.78% on the day, currently trading just under $0.11 with a market cap of $2,073,461,739.
This listing is another in Coinbase’s ongoing expansion of its supported digital assets. In December 2018, the team announced their intent to explore 30 new coins and tokens, including EOS, XRP, and XLM. It is therefore not out of the question to expect the previously exclusive exchange to begin listing the rest of these assets over the coming months.