Stellar Lumens Spikes 6% After Coinbase Pro Announces it Will Be Supporting it
Stellar Lumens (XLM) has been added to the Coinbase Pro platform. The information was released by Coinbase in a recent blog post. The digital asset has spiked over 6.5% after the company informed about it. Stellar is a digital currency specifically designed to perform cross-border transactions among institutions and individuals.
Stellar Lumens Added to Coinbase Pro
On March 13, Coinbase announced that it started accepting deposits of XLM coins. Once sufficient liquidity is established, the platform is going to be enabling XLM trading. At the moment, the virtual currency is not available on Coinbase’s retail platforms such as Coinbase.com or the Android and iOS applications.
Stellar Lumen is used to power the Stellar payment network, aiming to connect banks, payment systems and individuals. The intention is to offer fast, cheap and reliable transactions to users such as institutions and retail investors.
About it, Coinbase 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. The Internet connected the world’s computers so that information could be shared globally. Stellar aims to do the same for money.”
Support for XLM is already available in Coinbase’s supported jurisdictions with the exception of New York State. In the future, new jurisdictions could be added.
Stellar is currently the 8th largest digital asset in the market. It has a market capitalization of $2.11 billion and each XLM coin can be purchased for $0.11. In the last 24 hours, the digital asset grew 6.24%, registering the largest gain among the top 20 digital assets.
A few weeks ago, Coinbase added XRP support to its platform. XRP is the virtual currency used on the Ripple Ledger. In addition to it, Ripple offers similar services as Stellar. Indeed, Jed McCaleb, the co-founder of Stellar, worked at Ripple as the Chief Technology Officer and was very involved with the project.
Coinbase has been criticized for adding support to a large number of digital assets that did not have large trading volumes and that were not the most popular in the market. Some of these digital currencies were Loom Network (LOOM) or Decentraland (MANA), among others. Until the end of 2017, Coinbase only offered support for Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC).