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Stellar Lumens [XLM] makes it to Coinbase Pro; order books for three trading pairs initiated

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Stellar Lumens [XLM] listed on Coinbase Pro exchange; order books for three trading pairs initiated
Source: Pixabay

Coinbase Pro, the US-based digital asset trading exchange, announced support for Stellar’s native crypto asset XLM on its platform recently. The listing will enable users on the platform to deposit their XLM approximately 12 hours prior to the initiation of full trading. XLM inbound transfers to the exchange would be accepted after 1 PM PT on March 13.

Brian Armstrong revealed the latest development through his official Twitter handle,

Source: Twitter

According to the official blog post, the XLM listing will be immediately available at all the jurisdictions supported by the exchange, excluding the state of New York.

After an adequate volume of XLM is delivered on the Coinbase Pro platform, order books for three trading pairs XLM/USD, XLM/BTC, and XLM/EUR would be initiated. To send XLM to Coinbase Pro, a Memo is required, falsely inputting, which could lead to the permanent loss of funds. Furthermore, funds sent without a Memo will not be received.

The blog post also detailed the stages of the launch, the first being the Transfer-only phase in which consumers will be able to deposit XLM on their exchange wallet. This phase will be live for 12 hours and order books will be in a transfer-only mode and no orders will be filled during this stage.

This phase will be followed by the Post-only stage, during which users on the platform will be able to post limit orders. In this stage, there will be no completed orders, and order books will be in a post-only mode for a minimum of 60 seconds.

The third is the Limit-only stage, which will last for approximately 10 minutes. Limit orders will be completed in this mode, however, consumers will not be able to submit market orders.

In the fourth and final stage, full trading services will be made available for users.

Stellar’s native cryptocurrency XLM drives the payment network for the open-sourced and decentralized protocol. Recently, XLM exhibited a sharp surge of around 30% in just 48 hours in a bearish market. The crypto-community associated the price surge to the coin’s logo modification. The foundation also revealed that its official rebranding was set to launch in May this year.

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