The Stellar lumen has just become the latest cryptocurrency to be listed on Coinbase’s professional exchange.
Coinbase Pro announced Wednesday that it was accepting deposits of XLM, with trading support coming once sufficient liquidity is established. The process will take a minimum of 12 hours, according to a blog post.
The cryptocurrency is not yet available on Coinbase’s retail platforms, including coinbase.com or its Android and iOS apps.
Stellar was started by Ripple co-founder Jed McCaleb, with lumens aimed at being part of a low-cost payment network.
According to Coinbase’s blog post, “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. The Internet connected the world’s computers so that information could be shared globally. Stellar aims to do the same for money.”
Coinbase Pro first announced it was considering XLM last December, when the exchange identified more than 30 digital assets it was looking into supporting. Since its initial announcement, the platform has added support for Civic, District0x, Loom Network, Decentraland, XRP, Dai, Golem network and zilliqa.
The price of XLM/USD has increased just over 30 percent in the past four days – 5 percent of which came after Coinbase Pro’s announcement Wednesday – and is currently trading at $0.11, according to CoinDesk price data.
Stellar is the 12th most-traded cryptocurrency in the past 24 hours, accumulating a total of roughly $140 billion in trading volume, according to CoinDesk’s price page.
Jed McCaleb image via CoinDesk archives