New addition to Coinbase Ethereum Classic
New addition to Coinbase Ethereum Classic
Blockchain

New addition to Coinbase Ethereum Classic

By Rossana Prezioso - 12 Jun 2018

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Great news in the cryptocurrency world: the largest virtual currency exchange platform has announced a new addition to coinbase ethereum classic.

New addition to Coinbase Ethereum Classic: Leggi l’articolo in Italiano.

What happens when the world’s largest trading platform announces that it is listing one of the cryptocurrencies with the largest market capitalisation?

We’re talking about Coinbase that will support Ethereum Classic (capitalization of $ 1.7 billion).

ETC thus adds to the other four protagonists already present on Coinbase, namely Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH) and Litecoin (LTC).

A piece of news that alone has triggered the rally leading ETC to +25% after a series of particularly difficult days for the entire crypto universe.

The press release

The confirmation comes directly from the official ETC blog:

We are pleased to announce our intention to add support for Ethereum Classic (ETC) to Coinbase in the coming months. […] We will publicly announce a launch date for trading through our blog and Twitter.

But the team of the currency born from the fork of Ethereum (and which kept the primordial version of the code), goes further, illustrating also the various projects.

The details

From the same blog:

Coinbase Custody — the Custody team is planning to add support for deposits and withdrawals of Ethereum Classic. 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.”

Coinbase Markets — the Markets team is planning to add trading support for Ethereum Classic. In accordance with our Trading Rules, all ETC books will open in post-only for a minimum of one hour. If sufficient liquidity is established, trading will then be enabled on Pro and Prime.

Coinbase Pro — the Pro team is planning to add trading support for Ethereum Classic. 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.

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

Coinbase Asset Management — any asset listed on Coinbase Markets will be added to Coinbase Index in accordance with the Coinbase Index methodology. Coinbase Index Fund will rebalance to include Ethereum Classic.

How was ETC born?

In 2016, following a hacker attack that led to the misappropriation of funds raised by the DAO (Decentralized Autonomous Organization) network at the base of the Ethereum project, a small part of the programmers decided to reject the changes made to reduce the damage and return the stolen funds and decided to continue with the mining of the original version.

This decision led to the birth of a parallel currency, the current Ethereum Classic, paradoxically twin to its matrix but completely incompatible.

ETC is currently valued at $15.5.

Rossana Prezioso
Rossana Prezioso

Passionate about the new frontiers of online publishing, she decided to further deepen her knowledge by dedicating herself to the study of cultural and economic changes derived from the emergence of hi-tech finance, developing the themes concerning new business models related to it and the geopolitical influences of the new cryptocurrency economy.

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