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Coinbase Now Supports Stellar and Chainlink Cryptocurrencies in New York

The exchange has announced that New York residents now have access to two cryptos launched for other jurisdictions months ago.

Sep 26, 2019 at 10:30 a.m. UTC
Updated Sep 13, 2021 at 11:29 a.m. UTC

Cryptocurrency exchange Coinbase has announced that New York residents now have access to two cryptocurrencies launched for other jurisdictions months ago.

In two tweets late on Wednesday, the exchange said customers based in New York state can now hold, buy, sell, send and receive both Stellar lumens (XLM) and Chainlink's LINK token. The cryptos will now be available on Coinbase.com and the exchange's iOS and Android apps in the state.

XLM had previously been launched in most jurisdictions on Coinbase back in March, while LINK followed in June. The high regulatory hurdles set in New York were likely behind the delays in adding support.

LINK is an ethereum-based token used to power Chainlink's decentralized network. An API bridging service, Chainlink connects smart contract platforms – like decentralized finance products – to oracles containing real market data and event information.

In a CoinDesk video interview on Thursday, the project's CEO said that offering secure smart contracts pegged to real-world events is the next “leap forward” in boosting corporate adoption of blockchain technology.

Stellar, meanwhile, is designed as a crypto-based payment system using its XLM token. The project has notably partnered with IBM on its World Wire payments network, announced this time last year.

Coinbase app icon image via Shutterstock

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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