Coinbase to Add Support for Ethereum Classic (ETC)

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Coinbase announced on Tuesday morning in a blog post that it is now starting the engineering work to integrate Ethereum Classic with its services. A further date for formally launching the trading of ETC on Coinbase will be announced on Sept. 5, the company said.

As part of this process, Coinbase users can expect to see public-facing APIs and other signs that the asset is being added. When Coinbase reaches the final testing phase of technical integration, which is expected to occur over the next few months, the Coinbase team will publicly announce a launch date for trading.

What Ethereum Classic support means for Coinbase Products

Coinbase Custody — the Custody team is planning to add support for deposits and withdrawals of Ethereum Classic.

Coinbase Markets — the Markets team is planning to add trading support for Ethereum Classic. ETC books will open in post-only for a minimum of one hour. If sufficient liquidity is established, trading will then be enabled on Pro and Prime.

Coinbase Pro (GDAX) — the Pro team is planning to add trading support for Ethereum Classic. Note that customers who previously had an Ethereum Classic balance on the platform as a result of the 2016 Ethereum hard fork and did not elect to withdraw their funds prior to January 2017 will receive a corresponding Ethereum Classic credit.

Coinbase Prime — the Prime team is planning to add trading support for Ethereum Classic. Note that customers who previously had an Ethereum Classic balance on the platform as a result of the 2016 Ethereum hard fork and did not elect to withdraw their funds prior to January 2017 will receive a corresponding Ethereum Classic credit.

Coinbase Asset Management — any asset listed on Coinbase Markets will be added to Coinbase Index in accordance with the Coinbase Index methodology. Coinbase Index Fund will rebalance to include Ethereum Classic.

Coinbase — Coinbase will list assets only after they are listed on Coinbase Pro and Prime. After evaluating factors such as liquidity, price stability, and other market health metrics, Coinbase may choose to add Ethereum Classic to the Coinbase platform. The team reemphasizes that Coinbase Markets, Coinbase Pro, and Coinbase Prime will likely have more assets listed on the platform than the Coinbase platform, i.e. listing on Coinbase Markets does not guarantee to list on Coinbase.

Following the news that it is being added to Coinbase the price of ETC surged for 25 percent on Tuesday.

Data from CoinMarketCap shows that the price of ETC started to jump around 01:30 UTC on Tuesday, after Coinbase first tweeted out the announcement at 01:18.

It has further surged from $12.88 to as high as $16.15 at around 2:00 UTC, reflecting a 25 percent gain in just half an hour.

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