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Coinbase Pro Adds Support For Stellar Lumens Token

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US-based crypto exchange Coinbase added support for Stellar Lumen (XLM), a payment token, on its professional trading platform Coinbase Pro. It has started accepting inbound transfers of XLM to Coinbase Pro from Wednesday.

XLM is Stellar's native cryptocurrency that powers its payment network. It aims to use XLM to enable quick and cheap money flow by connecting banks, payment systems and individuals through its distributed remittance platform. It claims to be the seventh largest cryptocurrency by market capitalization.

Coinbase Pro will begin accepting XLM deposits for about 12 hours prior to starting full trading. Once sufficient supply of XLM is established on the platform, it will begin order books for XLM trading pairs with US dollar, euro and Bitcoin (BTC) in phases.

XLM support will be launched in four stages - transfer-only, post-only, limit-only and proceed to full trading, which will open once the metrics for a healthy market is met.

Support for XLM will be immediately available in Coinbase's supported jurisdictions in the UK, European Union, Canada, Singapore, Australia and the U.S., with the exception of New York State. Additional jurisdictions may be added at a later date.

For now, XLM will be available only on the Coinbase Pro exchange, but shortly on Coinbase.com or in the iOS and Android apps a week or two later.

Coinbase Pro added support for Ripple (XRP) in late February and for Zcash (ZEC) in November last year. It already supports Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC) and 0x (ZRX), which was added in mid-October as the first ERC-20 token available for trade on the platform. Basic Attention Token (BAT) was also added as the second ERC-20 token in early November.

In mid-July, Coinbase was planning to work with local banks and regulators to explore the possibility of adding five more new crypto assets in as many jurisdictions as possible. It was looking to add Cardano (ADA), BAT, XLM, ZEC, and ZRX.

Coinbase Pro has already ZRX, BAT, ZEC and XLM from this list. It also added support for USDC Stablecoin in late October.

Coinbase rebranded its crytpo exchange to Coinbase Pro from GDAX on June 29 in order to cater to institutional and professional investors.

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