This is an interesting decision by Coinbase, especially since in January and March they had declared that they were not considering adding any new assets.
Price of an Ethereum Classic crypto-coin rallied by around 25 percent on the back of a news of its listing on popular cryptocurrency exchange Coinbase.
Coinbase wrote in a blog post:
‘We are pleased to announce our intention to add support for Ethereum Classic (ETC) to Coinbase in the coming months. We are announcing this both internally and to the public consistent with our process for adding new assets.
Per this process, we will now begin the engineering work (Step 4) for supporting Ethereum Classic. As part of this process, customers can expect to see public-facing APIs and other signs that the asset is being added. When we reach the final testing phase of the technical integration, which we expect to occur over the next few months, we will publicly announce a launch date for trading via our blog and Twitter (Sep 5).’
Coinbase first tweeted this announcement at 6:48 IST. Data from CoinMarketCap shows that the price of Ethereum classic starting moving north immediately after the announcement. Within half an hour, the price moved from a low of $12.88 to a high of $16.15 – a steep 25% gain.
This is an interesting decision by Coinbase, especially since in January and March they had declared that they were not considering adding any new assets. The decision to add Ethereum Classic was sudden and unexpected by crypto-traders. Coinbase is yet to specify the reason behind the sudden decision of including a new asset within three months.
Coinbase will be providing support for Ethereum Classic across all geographies where it legally compliant. We will keep our eyes on the prices and see how this news affects the price of the Cryptocurrency in the coming days.Currently, as per Coinmarketcap, Ethereum Classic is trading at $15.56.