Coinbase has announced the addition of Ethereum Classic to the lineup of tokens on its institutional platform, heralding the first new asset to be added to the platform as a result of Coinbase’s recent announcement of additional token support.
Coinbase has announced that the platform will aim to add Ethereum Classic Support in the coming months, with the engineering work for Ethereum Classic support beginning now. The announcement of integration in advance, according to the Coinbase Blog, is to remain consistent with step three and four of the official Coinbase process for adding new assets
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
Coinbase Token Support Set to Expand
The integration of Ethereum Classic into the list of tokens supported by Coinbase will not occur immediately — Coinbase states that customers will begin to see public-facing APIs and other signs that the asset is being added to the platform while engineering work expands:
“When we reach the final testing phase of the technical integration, which we expect to occur over the next few months, we will publicly announce a launch date for trading via our blog and Twitter.”
Ethereum Classic, when integrated, will be available across the entire spectrum of Coinbase products — Coinbase Markets will add trading support for Ethereum Classic, and if ETC books achieve sufficient liquidity within a one-hour post-only opening, ETC trading will be available on Coinbase Pro and Prime, as dictated by Coinbase trading rules. Addition to Coinbase will occur after ETC is listed on Pro and Prime.
Ethereum Classic will also be integrated into the Coinbase Index, which will be rebalanced to include ETC. Coinbase Custody will add support for Ethereum Classic deposits and withdrawals, with Coinbase hinting that their custody service may offer a wider range of tokens than other Coinbase services:
“Note that Custody will likely support more assets than those available to trade on Coinbase Markets, Coinbase Pro, Coinbase Prime and Coinbase for the foreseeable future.”
It’s likely that Coinbase Markets, Coinbase Pro, and Coinbase Prime will list more assets than the vanilla Coinbase platform — listing on Coinbase Markets does not guarantee a listing on Coinbase.
Ethereum Classic, currently ranked #18 by market cap, is up 24.83% over the past 24 hours. ETC has a market cap of $1.65B with a 24 hour volume of $474.35M.
Chart by CryptoCompare
Ethereum Classic Soars as Result of Listing Announcement
ETC rose more than 16% in the first half-hour from the announcement of Coinbase support.
Ethereum Classic, created as a fork of the original Ethereum project, is currently one of the top 10 cryptocurrencies as measured by code commits and was established as an Ethereum fork due to the DAO hack — the Ethereum Classic team opposed the manner in which the DAO debacle was handled, and thus created ETC as a result:
“We believe in decentralized, censorship-resistant, permissionless blockchains. We believe in the original vision of Ethereum as a world computer you can’t shut down, running irreversible smart contracts. We believe in a strong separation of concerns, where system forks are only possible in order to correct actual platform bugs or provide functionality upgrades, not to bail out failed contracts and special interests.“
Cover Photo by Mark Basarab on Unsplash
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