Coinbase has recently announced its support for Stellar Lumens (XLM) in its Coinbase Wallet app, a move which follows on the heels the listing of Ripple’s XRP to its exchange. This move provides a facility for holders of the Coinbase Wallet to store Stellar Lumens directly in the app.
This move falls in with Coinbase’s objective to “create the world’s leading user-custodied crypto wallet.” The Coinbase Wallet already supports Bitcoin, Bitcoin Cash, Ethereum and Ethereum Classic as well as over 100,000 different ERC20 tokens and ERC721 collectibles alongside XRP and now XLM.
The new update for the Coinbase Wallet app with the XLM support included has been rolling out to all users on iOS and Android. Once there is a sufficient supply of XLM deposited on the platform, trading pairs will become available, to include XLM/USD, XLM/EUR and XLM/BTC. Coinbase will be starting the order books in phases as it ensures what it terms a ‘healthy’ market is met before beginning full trading, much as it did with its previous listings. XLM is to be supported by the exchange in the jurisdictions in which Coinbase is available.
The creator of Stellar Lumens is Jed McCaleb who is also the founder of Mt. Gox, the first bitcoin exchange, and the co-founder of Ripple. He co-founded the Stellar Development Foundation in 2014. Stellar Lumens is an open-source cryptocurrency that has elements similar to XRP which supports the Stellar Development Foundations vision which is: “an open and affordable financial system where people of all income levels can access simple-to-use, secure, and low cost financial services. SDF also aims to empower developers with useful technology to create financial products and services for their communities.”
Coinbase is a digital currency wallet and platform where customers can trade their digital currencies. According to the company’s mission statement, it aims to create an open financial system for the world in order to generate greater economic freedom, innovation, efficiency and equality of opportunity. Coinbase is available in forty-two countries and has been available in Gibraltar since December 2018.