As of March 3, American crypto-exchange Coinbase announced that it would be launching Stellar Lumens cryptocurrency (XLM) on its platform, and the digital asset finally went live on March 18, becoming the latest crypto addition after Ripple (XRP). Customers can now buy, sell, receive, convert and store XLM on the Coinbase.com web wallet or on the android and iOs app.
According to the Coinbase blog, the stellar payment network that is run by XLM “aims to connect banks, payment systems and individuals quickly and reliably. Since its launch in 2014, its vision has been to unite the world’s financial infrastructure so that money can flow quickly and cheaply between banks, businesses and people.”
Coinbase is actively working towards listing as many crypto assets on it platform with currently Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litcoin (LTC), Ethereum Classic (ETC) available for trading. While it had earlier in December announced that the platform is considering adding a group of 31 cryptocurrencies, the San Fransisco based digital wallet service also intends on adding four more popular tokens namely 0x (ZRX), Basic Attention Token (BAT), Zcash (ZEC), and Cardano (ADA).
About Coinbase and its new listing process
The process of announcing the listing of tokens and coins on Coinbase prior to the launch of any crypto asset before it is available for trading, has come to be known as the Coinbase effect, which causes a surge in the price of the asset. However Coinbase has made some changes to the listing process that “means some new assets listed on the platform may only be available to customers in select jurisdiction for a period of time.”
The token will be available ‘immediately’ in Coinbase’s supported jurisdiction with an initial exception of New York which will be given a later date. The listing process helps in creating liquidity of the asset on the Coinbase exchange as well as gives a market boost to the crypto thereby accelerating the adoption process.
In addition to that, price of XLM surged by 11% after global tech company IBM announced on March 18 the partnership of six international banks with IBM’s cross-border payment system, Blockchain World Wide that is built on the Stellar blockchain network.