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

Irving Hamilton
June 12, 2018

The cryptocurrency service Coinbase announced on Monday night it would add a fifth digital asset-known as Ethereum Classic-to its trading platform in coming months. When Coinbase reaches the final testing phase of technical integration, which is expected to occur over the next few months, the Coinbase team will publicly announce a launch date for trading.

While the Ethereum blockchain rolled back the mistake and attempted to rectify the damage done, Ethereum Classic proponents argued that to preserve the immutability of the blockchain, the stolen funds must be left alone. The decision to add Ethereum Classic was sudden and unexpected by crypto-traders. Only after the cryptocurrency has established itself on those platforms will "regular" Coinbase users be able to trade it.

They plan to offer ETC support in all geographies where the asset is compliant with local law and what this means for their list of products is clearly explained on their official website blog post. Note that customers who previously had an Ethereum Classic balance on the platform as a result of the 2016 Ethereum hard fork and did not elect to withdraw their funds prior to January 2017 will receive a corresponding Ethereum Classic credit.

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At the time of this writing, ETC is trading at $16.05 up roughly 23.84 percent over the last 24 hours - making ETC one of the best performing cryptocurrencies for the day. The move had sparked speculation about which asset Coinbase would list next. Support for Ethereum was added on Coinbase after the hard fork and only exchange users with Ethereum balances were eligible for ETC withdrawals. Data from CoinMarketCap shows that the price of Ethereum classic starting moving north immediately after the announcement.

As CCN reported, Coinbase recently revealed that it was pursuing federal registration as a broker-dealer, alternative trading system (ATS), and registered investment adviser (RIA) and hoped to list security tokens in the future.

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