Coinbase adds support for Stellar
Coinbase has added yet another coin to its stable — Stellar Lumens (XLM) in this case, according to its 13th March blog post.
Since 1pm Pacific Time on 13th March it has been accepting inbound transfers of XLM to Coinbase Pro in all jurisdictions covered by Coinbase, with the exception of New York state. Please note that XLM is not yet available on Coinbase.com or via its consumer mobile apps.
The announcement says: “Once sufficient supply of XLM is established on the platform, trading on the XLM/USD, XLM/EUR, and XLM/BTC order books will start in phases, beginning with post-only mode and proceeding to full trading should our metrics for a healthy market be met.”
For those of you who are not familiar with XLM, it is the token powering the Stellar payment network launched in 2014. Stellar aims to connect banks, payment systems and individuals quickly and reliably and its vision has been to unite the world’s financial infrastructure so that money can flow quickly and cheaply between banks, businesses, and people.
XLM launch stages
Coinbase announced that the launch would be conducted over four stages:
1. fer-only. Starting at 1pm PT on March 13, customers will be able to transfer XLM into their Coinbase Pro account. Customers will not yet be able to place orders and no orders will be filled on these order books. Order books will be in transfer-only mode for approximately 12 hours.
2. Post-only. In the second stage, customers can post limit orders but there will be no matches (completed orders). Order books will be in post-only mode for a minimum of one minute.
3. Limit-only. In the third stage, limit orders will start matching but customers are unable to submit market orders. Order books will be in limit-only mode for a minimum of ten minutes.
4. Full trading. In the final stage, full trading services will be available, including limit, market, and stop orders.