Coinbase to list Stellar Lumens (XLM)
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The company announced in a blog post Wednesday that its Coinbase Pro product will begin accepting XLM deposits. The deposits will be accepted for at least 12 hours before enabling trading to establish liquidity. All XLM deposits will require the specification of an XLM memo, for "identifying a transaction recipient beyond a wallet address." XLM trading will be available for all Coinbase's supported jurisdictions except New York State.
XLM is the native cryptocurrency of the Stellar payments network. Stellar is a distributed remittance platform connecting financial institutions, payment systems, and individual users. XLM enables users to move money between each other on the network. XLM is up approximately 3% on the news.
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Steven Zheng is a researcher for The Block. He joined The Block in August 2018. Steven graduated from St. John’s University with a degree in economics. Previously, he covered blockchain and crypto at Radicle, a startup analytics firm. He also had brief stints at Cheddar, a media startup, and Bowery Capital, a venture capital firm. He owns bitcoin. Follow Steven on Twitter at: @Dogetoshi
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