The professional trading platform Coinbase Pro announced in a blog post on March 13 that it will add Stellar Lumens (XLM) to the platform. XLM will eventually be listed on the platform against the US dollar, euro and bitcoin (BTC).
Coinbase Pro is part of Coinbase, and is an exchange aimed at professional investors. It is common for Coinbase to first register a new cryptocurrency on its professional platform, and then also record it on the Coinbase cryptocurrency exchange.
Coinbase Pro also added Ripple’s cryptocurrency XRP to the platform at the end of February. In addition to XLM and XRP, Ethereum Classic (ETC), Basic Attention Token (BAT) and privacy crypto Zcash (ZEC) can also be traded on Coinbase Pro.
Just like when Coinbase added XRP, XLM will be added step by step to Coinbase Pro. First, only incoming transactions will be possible, then the “post-only” phase starts in which investors can only place limit orders. Then the “limit-only” phase starts, which means that the limit orders that could be placed in the previous phase are now matched. Market orders are not yet possible in this phase.
Only after all these phases have gone well will the trade in XLM be fully opened up. Coinbase will announce in a separate blog post if and when XLM will be added to Coinbase so that retail investors can also trade in Stellar Lumens.
Stellar can be compared to Ripple in a number of areas. Both are decentralized payment networks on which users, such as banks, companies but also individuals, can send money quickly and cheaply. Partly due to the news, the value of XLM increased by 6.67%, making it now worth $ 0.11.