Stellar (XLM) Debuts on Coinbase Pro, but Not Yet on Coinbase.com
Shortly after a rebranding, the Stellar project is on a roll for wider adoption with a Coinbase Pro listing.
Stellar (XLM) will be the newest asset added to Coinbase Pro, the trading platform for a limited number of approved traders. The listing suggests that XLM, along with recently lister XRP, may soon appear on the main Coinbase platform.
“Support for XLM will be immediately available in Coinbase’s supported jurisdictions, with the exception of New York State. Additional jurisdictions may be added at a later date,” Coinbase announced on its blog.
The news of the new listings and markets arrive days after Stellar revealed its new logo, still awaiting a complete overhaul of its visual identity. Stellar gave indications of intending to work more closely with banks, and offer its technology for cross-border payments.
In the case of XLM and XRP deposits, Coinbase requires that each inbound transaction contains a Destination Tag or Memo, to be able to match coin balances with each user. Failing to designate the memo may lead to a loss of funds, as they are mixed in a larger wallet for trading.
The next stage for XLM would be to ensure there is enough liquidity in the order books for the trading pairs XLM/USD, XLM/EUR, and XLM/BTC.
Following the news of the listing, XLM market prices started to move, taking the asset up another 7% in the past 24 hours, to above $0.11. The coin could potentially break out to a much higher level, although for now, interest remains limited. The news boosted trading on Binance and the Exrates exchanges, with around 36% of XLM volumes against Tether (USDT), and a 42% share of the XLM/BTC pair. The effect of Coinbase Pro is not yet accounted in the data of CryptoCompare.
The Stellar network uses a series of voluntarily set up servers across the globe. Additionally, the network allows space for “anchors”, which are in fact banking and financial institutions. The XLM asset is, in theory, used in the distributed ledger and exchanged for various fiat currencies. In effect, XLM also attempts to be an alternative to the interbank SWIFT system.
For now, it is unknown how the Stellar technology would be integrated with bank partners, or whether XLM would be needed. The bid of Stellar for banking partners competes with Ripple’s network, as the two assets actively seek the partnership of banks.
Stellar is set to make a big announcement during the Money 20/20 conference in Asia on March 19-21.