Coinbase Pro will have active trading of Stellar Lumens (XLM) by morning. The exchange announced in a blog post earlier today that it is currently accepting deposits. They are conducting the listing in a similar manner to how they did Ripple, in stages. The “deposit only” stage will last until at least 1AM PT. Again, Coinbase Pro users can currently make deposits of XLM. Trading will commence everywhere but New York tomorrow.
Coinbase Pro to List Stellar (XLM) Against Dollar, Bitcoin, and Euro
Three pairs will be listed: Bitcoin, Dollars, and Euros. The current price of XLM is roughly 10 cents. It’s been trading in the range of 9-12 cents for quite some time, as the crypto winter has dragged the price of most assets down.
Coinbase 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. 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.
In order to make deposits at Coinbase, a memo must be used. Coinbase has more information about this in their help pages. Only Stellar and Ripple have the requirement of using a memo to ensure deposits get where they’re going. Coinbase requires them, so we suggest that users make sure they create their transfers properly.
Stellar Still Not Available For Retail Purchase Via Coinbase
Coinbase is apparently unsure if they will add XLM to Coinbase.com, its retail-facing product. Which is to say, if you want to buy Ripple to trade the wave on Coinbase Pro, you’ll have to get them somewhere else. Coinbase also used the opportunity to note that it will be listing even more assets in the coming months. They donn’t mention any specifics, but say:
One of the most common requests we receive from customers is to be able to trade more assets on our platform. Per the terms of our listing process, we anticipate supporting more assets that meet our standards over time.
Just like with Ripple, there are four stages. The first stage, the deposit stage, is the most important, as it’s the period during which Coinbase has to ensure that sufficient demand for XLM trading exists. The other stages last for a period of minutes and limit the types of orders that can be done, until finally full trading is enabled. The process was used with Ripple, as described in this article.
