Just weeks after adding support for XRP, Coinbase announced yesterday it will add rival cryptocurrency Stellar to its professional exchange Coinbase Pro. It’s a big deal but it didn’t come as a complete surprise for those who picked up on the new “we-mean-business” urgency oozing out of Stellar’s recent logo redesign.
Coinbase Pro users will be able to make deposits of Stellar (XLM) into their accounts from 1pm PT today, with trading starting just 12 hours later.
When Coinbase listed XRP to Coinbase Pro, it was also added it to the main Coinbase exchange, just days later, a pattern consistent with its listing of previous cryptocurrencies. So it’s quite likely a similar thing will happen with XLM. Coinbase said that “if and when” XLM is added to the main Coinbase platform, simply known as “Coinbase,” there will be a separate announcement.
Stellar, a cryptocurrency designed for cross-border payments, unveiled its new logo just two days ago, with a sleeker and sharper design. To the dismay of some, the cartoon rocketship had been replaced by a design that could more easily be used as a currency.
And yet some noticed a slight disparity: In the original Stellar announcement, Stellar Org—the non profit that supports its development—said the brand will be launched officially in May, when the website undergoes changes. However, it also stated that the logo will be used in “new projects effective immediately.” The discrepancy between the, later website launch and a sudden need to get the logo out now has started the rumour mill flying.
“Why would they release the new logo right now as opposed to in May and make it EFFECTIVE IMMEDIATELY... it’s pretty clear that the timing is related to the Money 20/20 announcement IMO,” speculated one Redditor, talking about an upcoming finance conference.
On Twitter, similar comments were being made about the part of the statement which asked, “Could you see a cartoon rocket ship in use at some central bank or in a press release from a national monetary authority?” Twitter and Reddit followers took it to imply that an announcement of this type would be forthcoming. One commentator confidently tweeted that Stellar was going to have a big announcement within a week.
While the first two predictions, of an announcement at the Money 20/20 conference or from a national monetary authority, did not come true, it’s still a big deal for any cryptocurrency to get listed by Coinbase. Coinbase listings are known for influencing the price of a cryptocurrency.
In fact, Coinbase listings have such a strong influence on the market that some projects have risen on mere rumors of an impending listing. During 2018’s bull run, some currencies even doubled their value after a Coinbase listing.
In less spectacular fashion, Stellar only rose five percent following yesterday’s announcement but it had already been on a bit of a run during the last week, rising 29 percent.
So, did Stellar use its trusty rocketship for the Coinbase announcement, or did it go with the redesigned logo hot off the press? The brand spanking new one, of course.