In its continued pursuit to provide traders a wider choice of crypto assets, Coinbase announced the addition of Stellar Lumens (XLM) to its Coinbase Pro platform.
Coinbase Pro XLM trading
In a March 13th 2019 blog post, Coinbase announced the XLM listing which is open to “Coinbase’s supported jurisdictions, with the exception of New York State.”
The article mentioned that Coinbase Pro began allowing XLM deposits on March 13, 2019, after 1 p.m. Pacific Time. As per the exchange’s usual process, the market will see about 12 hours of incoming transactions before full trading opens. Coinbase noted deposits need an “XLM memo.”
Coinbase Pro will carry out its typical four-stage process for listing new assets, which includes transfer-only, post-only and limit-only stages, followed by full trading of XLM. Trading pairs will include XLM/USD, XLM/EUR and XLM/BTC, as presented in the post. Coinbase also clarified this announcement pertains to Coinbase Pro, and not Coinbase.com.
Coinbase keeping up its pace
In late 2018, Coinbase made public its intentions to list a variety of crypto assets. According to its December press release, the entity was analyzing at least 31 different crypto assets for potential listing. “Over time, we intend to offer our customers access to greater than 90% of all compliant digital assets by market cap,” Coinbase said in its press release.
Recent additions from the mentioned list include XRP, XLM, GNT and ZIL, as well as others.
In 2017, the crypto space saw significant excitement and speculation at the thought of Coinbase listing a new asset. The platform, and then-called GDAX exchange, only hosted bitcoin, ethereum and litecoin trading for a notable period of time.
Coinbase announced the addition of bitcoin cash to the mix in December 2017, which caused a wild spike in price for the asset.
It appears, however, that the “Coinbase listing pump,” as it has affectionately been called, has died off for the most part, according to CryptoBobby on Twitter. According to his tweet, XLM only rose about 7% recently.
To be fair, a good amount of altcoins followed similar movements…
Also, the Coinbase listing pump appears basically dead. $XLM initially jumped 7%, now sitting around 5% above the announcement level. Nothing to write home about in crypto land
— Crypto Bobby (@crypto_bobby) March 13, 2019
On CoinMarketCap, Stellar Lumens currently sits in the eighth highest spot, based on market cap at the time of this writing, at a price of roughly $0.11.