On 3rd August, Coinbase, one of the biggest exchanges for digital assets management, announced that it has reached the final stage of testing for Ethereum Classic [ETC] that is to be added on the platform. In its official Medium blog, Coinbase conveyed information on how ETC support can be a valuable addition into each of Coinbase’s products. All these products might soon be making ETC available for trade.The announcement of the update read:
“Our engineering team is beginning final testing of Ethereum Classic on Coinbase products. We expect final testing to be completed by Tuesday, August 7, at which point we expect to announce that we’re ready to accept inbound transfers of ETC.”
Coinbase Pro and Coinbase Prime
In 2016, Ethereum hard fork was created that caused many customers to have a balance of Ethereum Classic on Coinbase Pro and Coinbase Prime. The customers who had not opted for withdrawal of funds will receive the same amount of Ethereum Classic credit on the exchange.
Before the Coinbase market opens for Ethereum Classic, the company will allow ETC transfers for 24 to 48 hours via Pro and Prime. The trading platform also has rules that the traders must follow, such as an available balance is mandatory to be held by the trader to place an order on the order book. The blog post also added that Coinbase will open all ETC books for a minimum of 10 minutes following the trading rules. Pro and Prime will start trading the cryptocurrency once liquidity is achieved.
Coinbase Index will add ETC by rebalancing, as all the assets listed on Coinbase Markets are listed on the Coinbase Index following a defined methodology.
On establishing sufficient liquidity for ETC on the platform, the cryptocurrency will be supported by Coinbase Consumer. An asset is only listed on Coinbase Consumer after it has been added on Pro and Prime. The expected period for the required liquidity to be established is approximately 1-2 weeks.
Moreover, since the product started its support for Ethereum post the hard fork, there are no corresponding balances of Ethereum Classic for the customer base of Coinbase Consumer.
Ethereum Classic [ETC] 7-day price graph | Source: CoinMarketCap
At press time, ETC price has taken a strong leap of 14.03% in the last 24 hours, trading at $16.57 with a market cap of about $1.7 billion. The 24 hour trading volume of ETC is $272.8 million.
At the onset of Ethereum Classic being listed on Coinbase, Brian Kelly on CNBC Fast Money discussion spoke about the 11% [at news hour] hike in the coin’s price on the same day. He stated that the reason for the hike is Coinbase and said:
“…because Coinbase just announced that they are likely to have trading [of ETC] added to their platform on August 7th or later. They’re doing a final testing right now and they anticipate having it on there.”
Regarding the confirmation on dates and geographical availability, Coinbase responded by saying that it will either confirm the ETC listing on the given date or provide further updates to keep its customer base informed. ETC trading on Coinbase will be available in all the locations that Coinbase operates in.
A v B, a Twitter follower of the cryptocurrency space commented:
“Is that the same engineering team that took close to six month to implement #segwit?”
Another crypto-investor, crypto&more wrote:
“LOL $ETC, i feel weird owning this token but hey.”
Health Hines, a Cardano fan and supporter also said:
“Looking forward to the Cardano addition too!”
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