After listing Ripple’s XRP token (which caused some controversy), Coinbase has announced that it will now list another recognized cross-border payments-focused token, Stellar Lumens (XLM). The token will be available in all of Coinbase’s supported jurisdictions, except New York state.
As has always been the case, the token will first be listed on the Coinbase Pro platform and then will likely move to the consumer platform after some time. Though Coinbase does not guarantee that it will be made available on mobile platforms and Coinbase’s consumer platform, new tokens are usually supported on these platforms soon after.
Coinbase said of the Stellar Network:
Stellar 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. The Internet connected the world’s computers so that information could be shared globally. Stellar aims to do the same for money.
The token will also undergo a phased release before it becomes fully available for trading. The XLM token will first be available in transfer-only mode from 1PM Pacific Time, which allows the tokens to transferred to Coinbase Pro accounts.
Coinbase has long been considering the addition of several tokens. In an announcement made last December, it was revealed that XLM was one of 30 tokens being considered.
Not all of those tokens have been listed, though Maker (MKR), Golem.Network (GNT), Ziliqa (ZIL) and DAI, among others, have been. The focus is on adding legally-compliant digital assets to the exchange, and Coinbase hopes to add more than 90% of such tokens.
The Stellar network was co-founded by Jed McCaleb, who formerly worked with Ripple. The XLM token is currently the 8th most valuable cryptocurrency by market cap, and its price has risen by 7% in the last 24 hours.