Coinbase Pro has just announced support for Stellar Lumens (XLM) on its platform, in a policy aimed at expanding its services and providing its users a wider range of trading possibilities without lowering its quality standards and respect for legal stipulations.
In an official blog post published on March 13, the Coinbase team explained that although they are genuinely passionate about the idea (which had a lot of support from the community), XLM trading will be available in all states except New York and other very specific places.
Taking The Necessary Precautions to Prevent Price Manipulation
Also, the company pointed out that the incorporation process would be in stages. They shared a kind of “Plan” oriented to list the token and promote its trading without manipulations.
- Transfer Only: At this stage, users will only be able to deposit tokens without the possibility of trading them temporarily.
- Post Only: While in “post-only” mode, users can only post limit orders, but the systems will not match orders, so no trading will happen yet.
- Limit Only: this stage is expected to last at least ten minutes and will let users match their limit orders without the ability to put market orders in place.
- Full trading: Once it has been proven that there is nothing to be afraid of, users will be able to freely trader tokens, placing any kind of order just as they do with any other token
The popular american exchange also said that most of its efforts to list more tokens happened because its users actively requested an expansion of said services, something they took quite seriously.
The Coinbase team first announced support for certain tokens including 0x, Basic Attention Token, Zcash, Stellar and Cardano (ADA). Currently, the platform has included support for Civic, District0x, Loom Network, Decentraland, XRP, Dai, Golem network and Zilliqa.
The community has welcomed the news with optimism but with great caution. The price of Stellar Lumens (XLM) has risen by about 5% in the last 24 hours, reaching $0.11 with a market cap of 2.09Bn USD according to CoinPriceWatch
Stellar Lumens (XLM) Looking Bullish
This places XLM just below BNB which outweighs it by 300 million dollars in market cap after a strong bullish season sparked mostly by the successful policies implemented by Binance (the Exchange that issued the token).