Stellar Lumens are about to start trading on CoinBase Pro
Stellar Lumens are being boosted by CoinBase Pro as they are now being listed on the trading platform. This is a big step forward for the 8th largest cryptocurrency.
CoinBase Pro is conducting listing in stages and is currently accepting deposits. Stellar Lumens will be listed against Bitcoin, the US Dollar, and Euro.
Coinbase stated that "Once sufficient supply of XLM is established on the platform, trading on the XLM/USD, XLM/EUR, and XLM/BTC order books will start in phases, beginning with post-only mode and proceeding to full trading should our metrics for a healthy market be met. Support for XLM will be immediately available in Coinbase’s supported jurisdictions, with the exception of New York State. Additional jurisdictions may be added at a later date."
They are initiating the use of Stellar Lumens on the platform in the same manner that they introduced Ripple - very slowly and in stages. A CoinBase memo must be used in order to complete a transaction which is a unique requirement of Stellar and Ripple.
Unfortunately, CoinBase has also made the statement that Stellar Lumens will not be available for retail purchase on their platform. In a vague comment as a response to those who are upset with the news, CoinBase did mention that they anticipate supporting more assets over time.
Stellar Lumens are currently at the beginning, most important, stage which is depositing. Depositing will take around 12 hours prior to enabling full trading. Once the depositing stage has come to an end, the other stages will not take a long time and then full trading will be possible.