The Stellar startup’s lumens (XLM) cryptocurrency is making its debut in the Coinbase brand’s constellation of platforms.
That’s per the powerhouse U.S. crypto exchange’s March 13th announcement they were opening up inbound XLM transfers to Coinbase Pro, the company’s platform for advanced traders.
After enough lumens have been transferred in, the exchange will allow XLM to be traded against its three base currencies, bitcoin (BTC), dollars (USD), and euros (EUR).
In explaining the listing, the company suggested Stellar was a blue-chip blockchain play whose lumens cryptocurrency could help change the way commerce is done in the future:
“Stellar’s cryptocurrency, the Stellar Lumen (XLM), powers the Stellar payment 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 XLM listing isn’t surprising, as it comes on the heels of Coinbase listing the Ripple ecosystem’s XRP last month. Stellar’s and Ripple’s respective payments networks are gunning for the same use cases and target markets, and both are top 10 cryptocurrencies per current market capitalization, so it stood to reason that if Coinbase embraced XRP, it would certainly embrace XLM.
Moreover, the exchange had announced last December that it was considering adding a group of 31 cryptocurrencies to its various platforms, one of which was lumens, the digital unit of account on the Stellar network.
And while XLM won’t immediately hit the exchange’s more consumer-facing Coinbase.com platform, users can expect the cryptocurrency to do so in short order if the XRP listing trajectory provides a rough indication of how long the process could take.
The Stellar ecosystem has been taking some considerable leaps forward in recent months.
Just this week, German lending play Bitbond released Germany’s first security token offering (STO) in their BB1 token, which was built via Stellar’s blockchain. On the token’s landing page, the crypto lender said that Stellar offered an ideal platform issuing the STO:
“With a processing capacity of over 1,000 transactions per second, transaction costs at a fraction of a cent, a built in decentralized exchange and a global network of active partners using the platform, Stellar is one of the most efficient blockchains for payment processing and token issuance.”
Other notable adoption milestones in 2019 came in February, when the Stellar-based SatoshiPay platform inked a deal to create a micropayments portal for German publishing giant Axel Springer, and in January, when Grayscale Investments, the world’s biggest cryptocurrency investment firm, added XLM to its portfolio of digital assets.
Stellar’s advancements this year come off of a strong 2018, too.
Last September saw Lightyear Corporation, and entity backed by the Stellar Development Foundation, acquire the Visa-backed blockchain play Chain, renaming the company to Interstellar. As a result of the deal, the rebranded startup meshed its private blockchain management system with Stellar’s network.
That same month, international tech heavyweight IBM released a cross-border payments system, Blockchain World Wire, in collaboration with the Stellar team.
There were also rumors last fall that the director of Facebook’s blockchain team had met with Stellar’s leadership on forking the Stellar network. Facebook denied the associated reporting, and nothing has materialized on that front to date. But as the social media giant is discreetly working on its own stablecoin, no one knows for sure yet what chain it will run on. The possibility remains that Stellar, or a fork of Stellar, could serve as its base layer — only time will tell for now.