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Ethereum Classic [ETC] hikes above 14% post the Coinbase announcement

06 August 2018

The American-based trading platform Coinbase has recently announced that everything is all but ready to launch Ethereum Classic (ETC) trading. In its official Medium blog, Coinbase conveyed information on how ETC support can be a valuable addition into each of Coinbase's products.

The date should be considered as an estimate and not a finality.

According to the announcement, the company believes this phase will be completed by Tuesday, August 7, at which point it'll start accepting inbound ETC transfers. Yes, ETC will be available everywhere that Coinbase is available.

Coinbase further noted that users who at the time of the 2016 Ethereum's hard fork had ETH on the platform but chose not to withdraw it will receive a corresponding amount of ETC. The trading platform also has rules that the traders must follow, such as an available balance is mandatory to be held by the trader to place an order on the order book.

ETC rates have already showed sudden increase of 10% within minutes after the announcement. Keep in mind that trading will not be enabled as soon as the cryptocurrency is listed.

Coinbase Index will add ETC by rebalancing, as all the assets listed on Coinbase Markets are listed on the Coinbase Index following a defined methodology.

Coinbase Consumer will be somewhat late to the party as platform policy dictates that assets can only be listed on Coinbase Consumer after being listed on Coinbase Pro and Prime. Ethereum Classic is going to be added to various Coinbase services, namely Coinbase Prime, Coinbase Pro, Coinbase Markets, Coinbase Custody, Coinbase Asset Management, and Coinbase Consumer.

In the case of Coinbase Markets however, trading will be opened after a 24-48 hour window period within which Coinbase Pro and Prime will carry out transfers.

Ethereum Classic [ETC] hikes above 14% post the Coinbase announcement