Coinbase Pro Launches Ethereum Classic (ETC) Support
Coinbase Pro, the exchange formerly known as GDAX, just announced the launch of Ethereum Classic (ETC) on the platform.
As of August 7, 2018, Coinbase Pro is accepting transfers of Ethereum Classic. ETC trading will begin within the next few days.
Coinbase Pro is now accepting transfers of Ethereum Classic! Our full launch schedule is outlined here: https://t.co/8fWBi7RncB
— Coinbase Pro (@CoinbasePro) August 7, 2018
The announcement isn’t a surprise: Coinbase Pro announced final testing for ETC last Friday with the goal of accepting ETC transfers by Tuesday. The exchange achieved that goal after testing went according to plan.
The next step is to launch ETC support on Coinbase exchanges first, then launch ETC support at Coinbase.com.
Coinbase will roll out ETC support through four stages, including transfer-only (the stage that launched today), followed by post-only, limit-only, and full-trading support.
Coinbase hasn’t set a date for the launch of ETC trading. Today, they’re encouraging users to deposit ETC into the platform. Then, once liquidity is established, ETC trading will begin.
“We plan to add support for ETC at Coinbase.com when sufficient liquidity is established,” explained San Francisco-based Coinbase in its announcement. “We expect this to occur approximately 1–2 weeks after trading begins on Coinbase Pro.”
Coinbase Pro is one of two new exchanges launched from GDAX. Coinbase recently split its GDAX exchange into Coinbase Pro and Coinbase Prime. Pro is the exchange for individual traders, while Prime is dedicated to serving institutions. If you traded on GDAX previously, then you’re a Coinbase Pro user. Institutions who traded on GDAX, meanwhile, have been contacted by the Coinbase Prime team.
ETC transfers officially began at 10am PT on Tuesday, August 7. You can deposit ETC into Coinbase Pro but you cannot place orders and no orders will be filled on those order books. Order books will be in transfer-only mode for the next 24 to 48 hours.
The next step is to launch the post-only stage, which is when customers can post limit orders but with no matches (completed orders). Order books will be in post-only mode for a minimum of 10 minutes.
Then, there will be limit-only mode. In this third stage, limit orders will start matching but customers are unable to submit market orders. Order books will be in limit-only mode for a minimum of 10 minutes.
Finally, Coinbase will launch ETC with full trading support. On this final stage, full trading services will be available, including limit, market, and stop orders.
“One of the most common requests we receive from customers is to be able to trade more assets on our platform. Ethereum Classic is just a first step in that direction.”
Coinbase also hinted that similar launches will likely take place in the near future:
“We announced last month that we are exploring a number of other assets to add to the platform, and customers should expect to see similar announcements when we are exploring new assets to add to the platform.”
Coinbase has been rumored to be exploring the launch of Stellar on its platform, for example, among other cryptocurrencies.
Ethereum Classic is up 4.69% over the last 24 hours, making it the 11th largest cryptocurrency by market cap. In addition to being listed on Coinbase, ETC was just listed on Robinhood, making it a great news day overall for ETC supporters and investors.
You can see the full announcement on their blog here.