Stellar Lumens (XLM) Now Available Across All Coinbase Platforms, Price Boosted by IBM Announcement

News and Analysis

Popular U.S. cryptocurrency exchange Coinbase has announced it now supports Stellar Lumens (XLM) across all its platform, including Coinbase. com as well as Android and iOS apps.

According to the company, XLM will be available for customers in most jurisdictions, but will not initially be available for residents of the United Kingdom or the state of New York.

“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,” says the announcement.

Last week, on March 13, Stellar became the latest cryptocurrency to be listed on Coinbase’s professional exchange, Coinbase Pro.

Coinbase Pro first announced it was considering XLM last December, when the exchange identified more than 30 digital assets it was looking into supporting. Since its initial announcement, the platform has added support for Civic, District0x, Loom Network, Decentraland, XRP, Dai, Golem and Zilliqa.

Stellar project was started by Ripple co-founder Jed McCaleb, with its native cryptocurrency Lumens aimed at being part of a low-cost payment network.

Earlier today, American multinational information technology giant IBM has announced official launch of Blockchain World Wire, its payments network based on the Stellar protocol, and has already signed six international banks to launch their own stablecoins on the network. IBM Blockchain World Wire was first introduced in September 2018.

According to IBM, the service is available to 72 countries and 47 currencies, with 44 banking endpoints and more than 1,081 unique currency trading pairs.

“Two financial institutions transacting together agree to use a stable coin, central bank digital currency or other digital asset as the bridge asset between any two fiat currencies. The digital asset facilitates the trade and supplies important settlement instructions,” the company explains, adding: “For those preferring to avoid the use of digital currencies, IBM also provides alternative settlement methods.”.

So far three of the banks have been identified – Philippines-based RCBC, Brazil’s Banco Bradesco, and Bank Busan of South Korea – the rest, which are soon to be named, will offer digital versions of euros and Indonesian rupiah, “pending regulatory approvals and other reviews,” IBM said.

“As more stable coins come on board, the whole notion of FX changes over time. We are working very hard to expand the ecosystem of stable coins that will include many more banks and many more fiat currencies – so digital representations of fiat currencies – and even, eventually, the central bank issued digital currencies,“ said Jesse Lund, the VP of blockchain and digital currencies at IBM.

Stellar (XLM) immediately spiked following today’s announcements, climbing from a low of $0.108 earlier today up to a high of $0.113, as of writing. Overall, XLM has gained almost four percent against USD as the cryptocurrency trading volume is growing as well.

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