Stellar (XLM) Rises on Coinbase Listing; UK and NYC Users Have to Wait
XLM is receiving a series of positive news in the past week, triggering a gradual recovery from recent lows.
Stellar (XLM) was added to the Coinbase exchange service for retail investors, just days after seeing trading pairs on Coinbase Pro. The news extended the rally, taking XLM to $0.11 as of 8:00 UTC on Tuesday, going against the general market trend of stagnation. XLM trades in volumes of around $280 million’s equivalent in 24 hours.
The Stellar project was added to Coinbase to give users access to a wider variety of assets, the exchange announced on its blog. However, users in certain jurisdictions will have to wait.
“XLM will be available for customers in most jurisdictions, but will not initially be available for residents of the United Kingdom or the state of New York.”
Currently, Coinbase will have a relatively low weight in total trading, and the bulk of volumes is seen on Binance. XLM has support from the Tether (USDT) pairing, making up above 36% of all volumes. XLM has lowered its volatility in the past few weeks, hovering under $0.10, but the asset is expecting more positive news soon.
The upcoming Money 20/20 conference will see further updates on the partnership of Stellar with IBM, presented by Stellar’s founder, Jed McCaleb. At the same time, IBM is further testing and attempting to introduce its cross-border payment system, taking on board small banks that want to use the Stellar technology.
Ahead of the conference, IBM has announced the spreading of its IBM Blockchain World Wire, a long-awaited infrastructure that has been tested since 2017, and is now advanced enough to be seeking regulatory approval. IBM claims that currently, its payment service connects “72 countries, 47 currencies, 44 banking points”.
IBM has also opened the first network of its kind, offering payment messaging and clearance, reported Forbes.
"We've created a new type of payment network designed to accelerate remittances and transform cross-border payments to facilitate the movement of money in countries that need it most,” said Marie Wieck, General Manager of IBM Blockchain. “By creating a network where financial institutions support multiple digital assets, we expect to spur innovation and improve financial inclusion worldwide."
The Stellar network attempts to offer a solution similar to Ripple, where a series of servers handles interbank messaging and settlement. Both projects are aiming to get banks on board, though with slightly different approaches.