Coinbase, the largest cryptocurrency exchange in the United States in terms of trading volume, has announced its intention to add support for Ethereum Classic (ETC) to its ecosystem.
Classic Coinbase
After announcing that it intends to become the very first cryptocurrency broker-dealer in the U.S., Coinbase announced earlier today that it will add Ethereum Classic (ETC) to its trading platforms in the coming months.
We are pleased to announce our intention to add support for Ethereum Classic (ETC) on Coinbase in the coming months.https://t.co/bUG4iLUr2J
— Coinbase 🛡️ (@coinbase) June 12, 2018
While there is no official launch date just yet, Coinbase stated that preparatory engineering work is about to take place. The cryptocurrency exchange stated that it will announce a launch date for trading through its official blog and Twitter as the final testing phase of the technical integration is reached.
Ethereum Classic will first be listed on Coinbase Markets, Coinbase Pro, and Prime, after which Coinbase may add support. The company explained:
Coinbase will list assets only after they are listed on Coinbase Pro and Prime. After evaluating factors such as liquidity, price stability, and other market health metrics, we may choose to add Ethereum Classic to the Coinbase platform. It’s also worth repeating that Coinbase Markets, Coinbase Pro and Coinbase Prime will likely have more assets listed on the platform than the Coinbase platform, i.e. listing on Coinbase Markets does not guarantee listing on Coinbase.
The suite of Coinbase which will first list ETC are those aimed towards institutional investors and serious traders. Only after the cryptocurrency has established itself on those platforms will ‘regular’ Coinbase users be able to trade it.
Since ETC is a result of a hard fork of the Ethereum network, those users who had an Ethereum Classic balance on the platform in 2016 and chose not to withdraw it before January 2017 may receive the corresponding ETC credit.
At the time of this writing, ETC is trading at $16.05 up roughly 23.84 percent over the last 24 hours — making ETC one of the best performing cryptocurrencies for the day.
Do you think Coinbase’s announcement will further increase the price of ETC? Don’t hesitate to let us know in the comments below!
Images courtesy of the Twitter/@coinbase, Shutterstock, CoinMarketCap.com.