The Stellar This emerging digital asset, lumens (XLM), is making its initial entrance onto Coinbase brand’s constellation of platforms.
According to a powerful announcement from the major American crypto exchange on March 13th, they are now allowing XLM deposits to start coming in. Coinbase Pro , the company’s platform for advanced traders .
Once enough lumens have been successfully deposited, XLM will be available to trade against three major base currencies, including bitcoin (BTC), the US dollar (USD), and the euro (EUR).
https://t.co/z78mLvQcUU Coinbase is by far the most esteemed trading platform in the digital currency sector. Having a listing on this exchange is almost like a badge of honor for any cryptocurrency venture. We believe this development is monumental for the Stellar network.
— Stellar (@StellarOrg) March 13, 2019
The company explained the listing by presenting Stellar as a high-quality blockchain initiative, with its Lumens cryptocurrency possibly transforming commercial transactions in the future.
\"Stellar’s cryptocurrency, the Stellar Lumen (XLM), is essentially the backbone of the Stellar payment network. Its goal is to forge connections among banks, payment platforms, and individuals in a way that's both dependable and prompt. Since day one in 2014, Stellar’s ambition has been to weave the world’s financial systems together so that capital can transfer quickly and affordably across banks, enterprises, and individuals. Just as the Internet linked computers globally to share data, Stellar aims to replicate this success for monetary transactions.\"
Bringing XLM into the fold isn’t entirely unexpected, especially following the recent Ripple addition to Coinbase’s lineup. XRP Just last month, we saw that Stellar’s and Ripple's payment systems are eyeing similar opportunities and markets. Given both coins rank in the top 10 cryptocurrencies by market value, it makes sense for Coinbase to adopt XLM soon after embracing XRP.
Further, last December, the exchange mentioned their consideration of adding 31 cryptocurrencies, including lumens, which acts as the digital token on the Stellar network.
Although XLM isn’t instantaneously making an appearance on the more consumer-oriented Coinbase.com, should the XRP onboarding offer any insight, users could see XLM there fairly soon.
Stellar Surging?
Stellar’s ecosystem has been making noteworthy strides as of late.
Just this week, German lending play Bitbond Stellar's blockchain facilitated Germany’s maiden security token offering (STO), branded as the BB1 token. The crypto lender highlighted that Stellar is a prime candidate for launching the STO on their landing page.
\"With the ability to handle over 1,000 transactions per second, minuscule transaction fees, a built-in decentralized exchange, and a vast network of active partners worldwide, Stellar stands out as an exceptionally efficient blockchain for processing payments and issuing tokens.\"
This year has seen remarkable developments for Stellar, like in February when SatoshiPay, operating through Stellar, secured a deal to establish a micropayment gateway for the massive German publisher Axel Springer. In January, Grayscale Investments, the premier firm dealing in cryptocurrency investments, also integrated XLM into its digital asset portfolio.
Stellar's progress in 2019 builds on a strong foundation laid in 2018.
The previous September witnessed the acquisition of the Visa-supported blockchain firm Chain by Lightyear Corporation, a Stellar Development Foundation-backed entity. The venture was rebranded as Interstellar, blending its private blockchain management with Stellar’s.
In that same month, IBM, a tech giant, rolled out a cross-border payments solution in collaboration with Stellar. Blockchain World Wire There was chatter last autumn about a meeting between Facebook's blockchain team director and Stellar’s leadership regarding a Stellar network fork. While Facebook denied these insights, keeping much under wraps, no outcomes have surfaced yet. As the company secretly forges its own path, the potential remains for Stellar—or its derivative—to be the underlying framework, but only time can reveal this.
William M. Peaster, a veteran writer and editor well-versed in the world of Ethereum, Dai, and Bitcoin, is a regular contributor across Blockonomi, Binance Academy, Bitsonline, among others. His interests lie in exploring smart contracts, DAOs, decentralized applications (dApps), and the evolving Lightning Network. Currently delving into Solidity, you can connect with him on Telegram at @wmpeaster. own stablecoin Ripple (XRP) and Stellar (XLM) are experiencing a resurgence, yet the question looms: can they outpace Rexas Finance (RXS) by 2025?
