The US cryptocurrency exchange service Coinbase has recently included Stellar Lumens in its exchange portfolio. This decision comes after a period in which major cryptocurrencies have grown in value, slowly but surely.
This change can be seen on the service’s website, as well as in both IOS and Android mobile apps. This having been said, there are a few restrictions to keep in mind. Users that reside in the UK and in the state of New York will be unable to access the new cryptocurrency.
Stellar Lumens Details
Stellar Lumens (XLM) will be added in four phases, in order to ensure that a large enough supply is stored in order to meet the ever-growing demand:
- Transfer-only – This step has already begun. The service only allows users to transfer the cryptocurrency to their Pro accounts. No other operations are available using XLM, and the order books will be in a transfer-only mode for a short period of time;
- Post-only – The second stage opens up the possibility to post limit orders. However, these will not be yet completed;
- Limit-only – At this point, the limit orders will be completed, but market orders will continue to remain unavailable;
- Full-trading stage – The final stage enables users to use XLM just like any other cryptocurrency, effectively integrating it into the service;
The integration of this new cryptocurrency in the service’s portfolio is bound to change the economic dynamics. While other Cryptocoins are priced in a higher range, XLM is valued at only $0.22. The lower price should appeal to the 13 million users that the service has.
On a global scale, XLM is slowly growing, and it is expected that the digital currency will be stable in the long run. This has led do an increasing number of services and companies looking at its evolution and considering investing in it. Stellar is closely tied to the recent wave of blockchain technology adoption by companies and governments.
At the current time, XLM is also in fifth place in terms of market capitalization and is rapidly moving up to the fourth position.
From a popularity point of view, the ability to access Stellar transactions through Coinbase Pro is expected to increase awareness not only in terms of cryptocurrency use, but also blockchain technology. While it is unlikely that XLM will compete with Bitcoin anytime soon, there is a big chance that the coin will continue to rise in value until the end of the year.
Since its launch in 2014, Stellar Lumen has moved towards connecting banks and payment systems in a lightweight and efficient system. The cryptocurrency is certainly moving towards this goal. However, there is still a long way to go, and it is unsure is XLM will grow enough to make using it all over the world useful.
From a technical point of view, the system behind XLM is sound and should work is any scenario, but there are much larger players at the table, and it may be hard to get ahead of the game.