Cryptocurrency Exchange Coinbase To Add Ethereum Classic Support

Announcements, News | June 12, 2018 By:

Cryptocurrency exchange Coinbase has announced that it will add Ethereum Classic (ETC) to its trading platform in the coming months.

In a blog post, Coinbase said that it has started the engineering work to integrate ETC, and its launch will occur in the near future.

“As part of this process, customers can expect to see public-facing APIs and other signs that the asset is being added,” the exchange said. “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, the cryptocurrency that was forked off the ethereum blockchain in July 2016, is currently the 18th most valuable cryptocurrency, with a market cap of approximately $1.6 billion.

Coinbase, which currently offers four cryptocurrenciess including bitcoin, Bitcoin Cash, ethereum and Litecoin, further clarified that the Custody service will add support for deposits and withdrawals of ETC, while Coinbase Markets, Coinbase Pro, and Coinbase Prime will add trading support for ETC.

“When we reach the final testing of the technical integration, we will announce a date that customers on Pro and Prime can begin placing limit orders on the Ethereum Classic order book on Coinbase Markets,” Coinbase said. “Once that resting market reaches sufficient liquidity, we will then enable trading.”

The cryptocurrency will also be listed on Coinbase Asset Management, and the Coinbase Index Fund will rebalance to include ETC. The company plans to offer support for ETC in all geographies where the asset is compliant with local law.

Coinbase also said that it took measures to ensure insiders did not have an early opportunity to trade on the news, which is what critics say occurred when the company added Bitcoin Cash to its platform.

“We followed our public process for adding new assets to Coinbase,” the company said. “Also, any personnel at Coinbase who were aware of the company’s plans to add Ethereum Classic were subject to a trading blackout.”