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.