Home News Exchange Ethereum Classic jumps 25% as Coinbase announces support

Ethereum Classic jumps 25% as Coinbase announces support

June 12, 2018 13:20
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Ethereum Classic, a hard fork of Ethereum which was created on July 2016 on the wake of DAO hack is set to be included on one of the world’s largest cryptocurrency exchange, Coinbase for trading. Ethereum Classic had to go through the rigorous process cryptocurrencies go through to be included on the exchange. Coinbase is very specific on the cryptocurrencies they add on their platform. They denied Ripple to be included on the platform even after the company offered to pay them money for it.

Ethereum Classic will initially be supported on Coinbase Pro, Coinbase Prime, Coinbase custody and Coinbase markets. The cryptocurrency will only be included in Coinbase after evaluating multiple factors. In an official statement on the cryptocurrency, the company said:

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.

There is no announcement as to when traders can start trading Ethereum Classic. Coinbase has already begun the engineering work required which will take a few months. Coinbase will publicly announce a launch date on their blog and twitter when they’re ready.

Coinbase’s decision to include Ethereum Classic came out of nowhere and the price jumped by 25% immediately after the announcement. ETC was trading at $12.88 at 6:30am in morning before the announcement. However, an hour later it was trading at $16.15 which was after the announcement.

This is the first new cryptocurrency included on the platform in 2018 after including the much controversial Bitcoin Cash late last year. Coinbase also reiterated their previous announcement to support ERC20 tokens and bitcoin forks in future.


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