Published: Tue, June 12, 2018
Markets | By Otis Pena

Coinbase to add support for Ethereum Classic (ETC)

Coinbase to add support for Ethereum Classic (ETC)

Time to buy the dip?

Ethereum Classic was created as the result of a hard fork in ethereum following a June 2016 hack in a smart complex system called the Decentralized Autonomous Organization.

Ethereum Classic will first be listed on Coinbase Markets, Coinbase Pro, and Prime, after which Coinbase may add support.

The announcement did not specifically state when ETC would be available on Coinbase-operated platforms, only that it would happen in the "coming months" and would appear in its institutional and professional products before being made available through its retail-focused brokerage service.

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

The company said that once it has reached the final testing phase for integrating the cryptocurrency, it will announce a concrete launch date.

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Coinbase will be providing support for Ethereum Classic across all geographies where it legally compliant. The decision to add Ethereum Classic was sudden and unexpected by crypto-traders. Additionally, Coinbase has credited everyone who had Ethereum balance during the hard fork in 2016 and did not withdraw.

Coinbase Prime - the Prime team is planning to add trading support for Ethereum Classic.

With the upcoming listing, Ethereum Classic will become the fifth cryptocurrency listed on the platform after Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.

Nevertheless, the ethereum classic price soared in the immediate aftermath of the announcement, leaping from $12.81 to $16.40 in less than an hour.

Ethereum Classic has also been in news for various other announcements off-late like the Thailand regulatory framework that was released recently permits ETC along with few other top cryptocurrencies. ETC is now the 18th-largest cryptocurrency with a market cap of $1.6 billion. So far things are all on the brighter side for this currency when the entire market is thriving to stabilize itself.

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