Economy

Coinbase Adding Support for Ethereum Classic 'In The Coming Months'

Coinbase Adding Support for Ethereum Classic 'In The Coming Months'”

Ethereum Classic is an off-shoot of the better known Ethereum, and was created in 2016 by a faction of developers who objected to a modification of the original cryptocurrency.

It seems that coinbase may have made this early announcement of their intention to list ETC in the coming months to avoid any kind of speculation of inside trading which marred their integration of Bitcoin Cash last December when it's price hit a high of $8,500 on Coinbase and its GDAX service compared to its trading price of $3,500 on other exchanges.

As part of this process, Coinbase users can expect to see public-facing APIs and other signs that the asset is being added.

Coinbase has unexpectedly announced on its home blog and through twitter that it will be integrating Ethereum Classic over the next few months to be listed sometime in September causing the price of ETC to gain dramatically.

Currently, Coinbase supports bitcoin, litecoin, bitcoin cash, and ethereum.

Currently, as per Coinmarketcap, Ethereum Classic is trading at $15.56.

Once the "market reaches sufficient liquidity, we will then enable trading", Coinbase said. Any investor that held Ethereum on GDAX at the time of the fork in 2016 will be credited ETC when the coin is listed later this year.

Not to forget, the Binance Coin [BNB] which was added against ETC on Binance today has seen an increment of 10.87% since the past 24 hours.

"Ethereum Classic $ETC up 25% following @coinbase announcement".

Coinbase Asset Management - any asset listed on Coinbase Markets will be added to Coinbase Index in accordance with the Coinbase Index methodology.

"This will undoubtedly bring a new level of visibility to Ethereum Classic, which is a decentralized smart contract platform similar to Ethereum".

This is an interesting decision by Coinbase, especially since in January and March they had declared that they were not considering adding any new assets. The team wanted to reemphasize 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 to list on Coinbase.



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