Coinbase Announces Support for Ethereum Classic

Ethereum Classic (ETC) is set to be listed on Coinbase, one of the world’s most popular cryptocurrency exchange platforms.

The announcement was made on June 11 in a blog post by Coinbase where it was revealed that over the coming months, ETC will be granted access to all services offered by Coinbase including Coinbase, Coinbase Custody, Coinbase Markets, Coinbase Pro, and Coinbase Prime.

ETC Surge

Since the July’16 Ethereum hard fork that brought Ethereum Classic, the cryptocurrency has maintained a steady upward trajectory, going as high as $25.64 in May 2018 from its initial price of $1.

Born out of an ideological split on the Ethereum blockchain following the infamous DAO ICO hack, Ethereum Classic has sometimes been regarded as an asset without any of the huge growth potential of its big brother, but nevertheless it continues to return strong market performances as well as maintain its credibility as the ‘original’ immutable Ethereum blockchain.

Binance announced that it has enabled pairs trading for ETC with Binance Coin (BNB) and Tether (USDT), which is another vote of confidence from a large exchange. Currently, the ETC price sits at about $16 after a 25% jump following the news of its Coinbase listing. Coinbase on its part will see the deal as an important step in its ongoing expansion, following its acquisitions of Earn.com and Paradex, the Ethereum-based decentralized exchange which is expected to help enhance user security. The exchange reportedly values itself at just over $8 billion presently.

What Happens Now?

According to information provided by Coinbase, the listing process for ETC will begin with the needed engineering work, which includes the development of public-facing APIs. From build-out to final testing will take a few months, after which a public announcement will be made with a launch date via the Coinbase blog and Twitter handle.

Support for ETC will begin with Coinbase Custody, which involves providing support for deposits and withdrawals of ETC. The Coinbase Markets team will also provide trading support for ETC. Depending on the presence of sufficient liquidity, trading support will then be enabled on Coinbase Pro and Coinbase Prime. Customers who have Ethereum funds in the Coinbase platform predating January 2017 will receive the equivalent amount of ETC tokens as their ETH was that of the pre-fork Ethereum blockchain which ETC is built on.

There will also be ETC support for the Coinbase Asset Management platform. Finally, after evaluation of ETC’s performance indicators on Coinbase Pro and Coinbase Prime, the token will be listed on the Coinbase platform.

ETC support on Coinbase will be provided in all jurisdictions where it is legal to do so, and following ETC, Coinbase plans to develop support for the ERC20 standard, which will permit several Ethereum-based coins to list on the exchange.

 

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