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U.S. cryptocurrency exchange Coinbase announced its plans to add support for Ethereum Classic, which caused a 25-percent jump in ETC price.
On June 11th, the U.S. cryptocurrency exchange Coinbase announced its intention to add support for Ethereum Classic (ETC) in the coming months. As a result of this announcement, Ethereum price jumped in an hour up to $16.
Ethereum Classic is a cryptocurrency that was the result of a hard fork of the Ethereum network in July 2016. It is currently the 18th most valuable digital currency and its market cap is approximately $1.5 billion. Ethereum Classic may be miles apart from its mother chain Ethereum, however, Ethereum Classic is gradually working its way into mass adoption without much hype and self-promotion.
Recently, it overcame the Difficulty bomb formerly present on the network through a soft fork. The removal of the difficulty bomb has made the Ethereum Classic Network more attractive to miners.
Ethereum Classic faces the same scalability issues like Ethereum. Ethereum Classic may not have throughput issues yet, but the Team at Ethereum Classic are already working for a solution when it gets mainstream adoption. At the moment, it may not enjoy as much mainstream attention as some of other big players in the cryptoverse, but it will very soon, taking into consideration the recent news from Coinbase.
We are pleased to announce our intention to add support for Ethereum Classic (ETC) on Coinbase in the coming months.https://t.co/bUG4iLUr2J
— Coinbase (@coinbase) June 12, 2018
Following the news, Ethereum Classic saw a rapid jump in its price. It hiked by over 25 percent just in an hour. At 01:14 UTC, ETC was trading at $12.89, but later the price spiked to $16.15. The current ETC price makes up $15,84, according to data from CoinMarketCap.
Coinbase is a digital currency wallet and platform where merchants and consumers can transact with new digital currencies like bitcoin, ethereum, and litecoin. Founded in June of 2012, it is based in San Francisco, California. Coinbase raised over $200M in funding from world’s leading investors including DFJ Growth, Andreessen Horowitz, Union Square Ventures, Ribbit Capital and NYSE.
According to Coinbase blog, with support for Ethereum Classic customers can expect to see public-facing APIs and other signs that the asset is being added. The final testing phase of the technical integration is expected to be conducted over the next few months. After that, the company will publicly announce a launch date for trading.
Coinbase is planning to offer support for Ethereum Classic in all geographies where the asset is compliant with local law. Currently it offers support for four different assets: Bitcoin (BTC), Bitcoin Cash (BCH), ETH, and Litecoin (LTC).
In May, Coinbase announced its intention to support ERC20 tokens on the exchange, while declining to reveal future candidates for new listed assets. Coinbase said its decision to support ERC20 tokens, “paves the way for supporting ERC20 assets across Coinbase products in the future.”