Not So Stellar: Coinbase News Doesn’t Stop XLM From Lagging Bitcoin
Earlier this week, Coinbase announced in a blog post that it would add Stellar Lumens (XLM) support to its mobile cryptocurrency wallet app Coinbase Wallet with its next update, which the company expects to roll out over the next week. The wallet app will support Stellar’s testnet in an attempt to “aid developers and power users,” the fintech firm states.
Coinbase Wallet Adds Support for Stellar
The stellar price barely moved on the news, though it did shoot higher after bitcoin embarked on Tuesday’s mammoth rally. XLM rose an impressive 8.7 percent, though it also fell more than 5 percent against BTC.
As of press time, the stellar price stood at $0.13 for a daily gain of 4.5 percent.
Stellar lagged bitcoin by a considerable margin, despite the Coinbase Wallet news. | Source: Yahoo Finance
Stellar lagged bitcoin even though the Coinbase Wallet addition was theoretically bullish for the cryptocurrency.
“Our goal with Coinbase Wallet is to create the world’s leading user-custodied crypto wallet,” the San Francisco-based company states, noting that “adding support for XLM is an important next step in that direction.”
Unlike Coinbase.com, the Wallet app stores all private keys on the mobile device of the user, and is available for both Android and iOS. It currently supports bitcoin, ethereum, bitcoin cash, ethereum classic, XRP as well as numerous ERC20-based tokens, and ERC721 collectibles on the ethereum blockchain.
