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Coinbase’s Digital Asset Platform Coinbase Pro Adds Support For Stellar Lumens

BFSI News

Coinbase’s_Digital-Asset-Platform-Coinbase-Pro-Adds-Support-For-Stellar-Lumens Coinbase’s Digital Asset Platform Coinbase Pro Adds Support For Stellar LumensSan Francisco-based Crypto exchange and wallet service provider, Coinbase’s digital asset platform Coinbase Pro has added support for Stellar Lumens (XLM) offering. With this move, Coinbase Pro will reportedly now accept deposits of XLM for around 12 hours before allowing full trading. The company said that after establishing an adequate supply of Stellar Lumens, it will open trading pairs in such currencies, including U.S. dollars, Euro, and Bitcoin (BTC) in phases.

Trading for Stellar Lumens will go through three phases, transfer-only, post-only, and limit-only, before allowing full trading of limit, market, and stop orders. The first two phases will enable users to transfer XLM to Coinbase Pro accounts and post limit orders, while the following one will allow matching limit orders. Initially, XLM trading will be available for customers in Coinbase’s supported jurisdictions, expecting the state of New York. It supposed that Coinbase may add additional jurisdictions at a later time. Coinbase Pro, in February, added support for Ripple (XRP), which was joined already listed Ethereum Classic (ETC), Basic Attention Toke (BAT) and privacy-oriented Altcoin Zcash (ZEC). These tokens, previously, were added to Coinbase Pro, before support for them that was eventually extended to Coinbase.com and its apps for Android and iOS.

However, the recently added XRP to Coinbase was welcomed by the Crypto community. Afterward, it was reported by a Blockchain research firm Diar that XRP broken one of Coinbase’s requirements to be listed on the platform.  Coinbase, in its Digital Asset Framework, laid down that the ownership stake in a token retained by the team is a minority stake, while Diar reported that Ripple holds around 60 percent of the supply in escrow with a release schedule.