By
Temitope Olatunji
April 18th, 2024
The leading bitcoin exchange is not planning to support ETC trading so far.
Last week, Coinbase, one of the leading bitcoin exchanges, confirmed that it had launched support only for ETH, not ETC. Customers were encouraged to buy, sell, send, and store ETH on Coinbase and be sure that their ETH is 100 percent secured in hot and cold storage.
Now, Coinbase reveals that since that blog post publication they have received some comments from customers interested in recovering ETC that may be associated with their Coinbase transactions.
Coinbase responded: “It is important to us that our customers trust Coinbase to safeguard digital currency assets. Therefore Coinbase customers will be credited the full amount of ETC associated with their account. We are working as swiftly as possible to create a simple process which will allow users to send an ETC credit to an off-platform ETC address of your choosing.”
Coinbase underlines that it offers only ETC credits available to send off-platform – it doesn’t intend to support ETC trading or transactions. Thus, customers shouldn’t send additional ETC to any Coinbase wallet.
Coinbase became one of the first key providers to include Ethereum to their Global Digital Asset Exchange (GDAX), which they have been operating since May. The daily trading volume has increased by 350 percent since the inclusion of Ethereum.
It hasn’t been long since Coinbase expanded its bitcoin buying feature to Canada and Singapore, following the launch of the service in Australia. Customers in both countries will now be able to instantly acquire ether and bitcoin using their debit and credit cards. However, Canadian users are not allowed to sell the digital currency so far. Coinbase is currently working towards making the option available there.
Coinbase has also stopped supporting CAD services in Canada, following the closure of its payments services provider Vogogo.
For the time of its operation, Coinbase has turned into one of the most popular cryptocurrency companies within the bitcoin industry. It has recently secured a $10.5 million investment from a Bank of Tokyo Mitsubishi UFJ (BTMU), Mitsubishi UFJ Capital (MUCAP) and Sozo Ventures as part of the international expansion strategy.
The recent funding brought Coinbases’s total investment to $116 million.
BTMU, the biggest bank in Japan, has announced its intention to work with Coinbase to drive its further expansion. Coinbase appreciates the importance of the Japanese market and its role in the future development of cryptocurrencies. As for now, the company only operates an exchange in Japan – it doesn’t provide its services in the country yet.