Ethereum Classic Support Added to Coinbase
Coinbase has recently released a big announcement: it is adding Ethereum Classic (ETC) to Coinbase. This process will take place over the course of a few months. Currently, the platform is on stage 4 of the project, which includes engineering work that will support Ethereum Classic. When the platform reaches its final phases, it will release a public announcement concerning the launch date for its trading blog.
Excited to continue adding new assets to Coinbase! https://t.co/k3RY8Q5i7M
— Brian Armstrong (@brian_armstrong) June 12, 2018
Why Coinbase Should Add Ethereum Classic Support
According to Coinbase’s blog post, there are several advantages to the adoption of Ethereum Classic for Coinbase’s products, which are as follows:
First, Coinbase’s markets team is working to add trading support for the Ethereum Classic platform. All ETC books will be in open-post format only and for the duration of an hour. If and when sufficient liquidity is established, trading will be allowed on Pro and Prime.
Second, Coinbase’s prime team is working to provide trading support for Ethereum Classic. Several individuals will receive corresponding Ethereum Classic credits, particularly those who previously had an Ethereum Classic balance on the platform due to the 2016 Ethereum hard fork and id not elect to withdraw the funds before January 2017.
Coinbase Asset Management
Third, Coinbase’s asset management system entails that any asset listed on the market will be added to the index in accordance with Coinbase’s Index methods.
Coinbase – Previous Guidance
Finally, Coinbase’s previous guidance provides that Coinbase will only list assets that are listed on Pro and Prime. It will also evaluate several factors, including liquidity, price stability, and various other health metrics.
These are all exciting changes that users can look forward to when Ethereum Classic support is added to Coinbase. Here is some preliminary information that will provide some additional insight into chance.
What is Ethereum Classic and Trading Overview
For those who are unaware, Ethereum Classic is a cryptocurrency that arose from a hard fork of the Ethereum Network. Trading will be available in the next few months as the platform works to achieve the final testing phase of technical integration.
Trading support for the new asset will be announced to customers on both the Pro and Prime so that they can begin placing orders on the Ethereum Classic order book on the Coinbase Market. Further, support for Ethereum Classic will take place among all geographies where it is compliant with local laws.
Further, the platform planning on adding several other assets next, such as ERC20 Technical Standard and Bitcoin forks. The announcements are ones that users can look forward to in the coming months.