Coinbase, the largest crypto exchange in the US has unveiled its plans to add support for Ethereum Classic (ETC) in next few months. So far, the crypto exchange has only supported BTC, ETH, LTC and BCH.
Coinbase supports Ethereum Classic
Coinbase declared on official Coinbase June 11 that it has plans to add Ethereum Classic (ETC), after which the ETC price spiked over 25 percent.
Although, the official launch date is not yet declared, Coinbase has stated that engineering work is about to begin soon. As well as customer can expect public-facing APIs that indicates the addition of the asset.
In Fact, the final testing phases are expected to take place within few months, read the official Coinbase blog.
“When we reach the final testing of the technical integration, we will announce a date that customers on Pro and Prime. It can begin placing limit orders on the Ethereum Classic order book on Coinbase Markets. Once that resting market reaches sufficient liquidity, we will then enable trading”.
Soon after the announcement, the alternative cryptocurrency to Ethereum (ETH), the Ethereum Classic (ETC) price increased by over 25 percent. At the press time, the price of ETC has reached $15.30 USD.
Moreover, Ethereum Classic (ETC) is based on the original Ethereum blockchain. It was created during the hard fork of the Ethereum network in July 2016. However, the Coinbase Custody service will add support for deposits and withdrawals of ETC and thus the exchange market will be providing trading supports.
Therefore, the Coinbase trading rules need ETC books to be available in post-only for at least one hour. Later the trading will be extending to Pro and Prime only if liquidity is established.
Earlier in May, Coinbase has announced to support ERC20 tokens on the exchange meanwhile declined to reveal future candidates for new listed assets. Coinbase had said that, “will pave the way for supporting ERC20 assets across Coinbase products in the future”.
Image Source: Coinbase