In its latest tweet, Coinbase adds Stellar trading for New York traders. Coinbase, a well-known exchange based in the United States, has started offering full-service Stellar (XLM) trading to its users located in the New York region. This is a significant move by a cryptocurrency exchange since it will help tap into the altcoins trading realm.
The announcement was made on the official Twitter account of Coinbase yesterday. Residents of New York now can trade, exchange, and store Stellar Lumens. They can employ Coinbase’s mobile application as well as their official website.
Access to altcoin trading will further increase the reputation of the exchange among its clients.
Coinbase adds stellar trading amidst tough New York crypto rules
As per the official statement, New Yorkers can now enjoy trading Stellar Lumens by merely logging in to buy, sell, exchange or store Stellar Lumens. Both it’s Android as well as the iOS app supports the new trading option.
This is much-welcomed big news for cryptocurrency sphere since New York has stringent regulations in place for cryptocurrency trading. Also, the state is very peculiar about the exchanges that can indulge in trading. Naturally, only the good ones pass the rules and hence allowed trading. Coinbase is vital among them, and its users stand by its commitment to quality.
Ever since New York put into place BitLicense rules in 2015, very few licenses have been granted. Many crypto companies and exchanges have moved out of state. Most stopped traders from New York to participate in their operations. It was dubbed as ‘BitExodus.’
Recently, Coinbase also hinted that it would add new products like Gram (from Telegram) and more than 16 cryptocurrencies on its platform. At the same time, it also said that these new digital assets won’t be available for trading for the next few weeks and traders will have to wait to get into action.
New Yorkers have to wait for many altcoin trading pairs due to jurisdictional rules. Thus, Coinbase tapped into a rare market.