On Wednesday 13th March 2019 Coinbase announced that Stellar lumens XLM would be the latest cryptocurrency to hit its pro-level trading platform.
In other words, the United States based professional cryptocurrency trading platform and wallet service provider, Coinbase Pro, is adding support for Stellar Lumens XLM. However, full trading will be available to customers in the U.S excluding (NewYork), Canada, the European Union, Singapore, the United Kingdom, and Australia. But, Coinbase may expand its services to other countries at a later time.
However, for those who are not aware, Stellar’s purpose is to connect financial institutions in developing markets among others.
Let's take a brief look at Stellar Lumens?
First and foremost, before you invest in Stellar, you might want to know what Stellar is? It is essentially like a wire transfer without any banks. Everything is decentralized using Stellar network so you can transfer Euro to somebody, transfer USD on Stellar network and anywhere around the world as long as there is a network for the service of Stellar. So you can transfer that instantly, and it usually happens very quickly in a fraction of like a wire transfer.
Stellar’s Current Market Capitalization
According to Coinmarket cap
, the Stellar Lumen (XLM) is currently ranked as the top 8th in terms of market capitalization with an XLM price of 11 cents today, with a 24-hour trading volume of $ 165,265,907.
However, the price is down -2.1 % in the last 24 hours. The token has a current supply of over 19,2 billion and a maximum supply of 104 billion coins current market cap currently on $2 billion and the token value is at 11cents.
The Stages of Stellar Lumens XLM Launch
XLM trading will go through four stages, which include, transfer only, post only, limit only and full trading.
1. Now the first phase is the transfer only phase. This began on March 13, 2019. Customers could transfer Stellar Lumens XLM
into the coinbase account. They will, however, be unable to place orders, order books will be in transfer only mode for approximately 12 hours
2. The second stage is the post only stage. Here customers can post limit orders, but they will be no matches so no completed orders. The order books will be in a post only mode for a minimum of 1 minute.
3. The third stage is the limit only stage. Here customers can post limit orders, but they will be no matches so no complete orders. Order books will be in a limit only mode for a minimum of 10 minutes.
4. Finally, the 4th and last stage on the Stellar launch is full trading. Full trading services will be made available including limit, market and stop orders.
You should know that Coinbase retail platforms, Coinbase.com, Android and iOS apps do not have Stellar lumens XLM capabilities yet. If this option is made available, coinbase said that it would make a separate announcement.
In line with the above, Coinbase pro’s primary means of communication is via their twitter account or blog, so you need to be aware of scammers
and make sure you stay connected to coinbase twitter account to keep yourself updated.
While there is no guarantee on the success or failure of a cryptocurrency,
Stellar Lumens remain one of the most capable cryptocurrency, having a great team and an altruistic goal, instead of just a monetary one.