Price of Ethereum Classic Jumped 25% After Coinbase Announced Listing

  • Ethereum Classic (ETC) soared over 25 percent in price following news of Coinbase listing.
  • Although, Coinbase has not released the launch date yet.

On Monday 11th June, Coinbase, one of the leading cryptocurrency exchanges in the world and best-visited service for US, European, and Australian buyers, released an announcement stating that it will list and provide support for Ethereum Classic (ETC) on its trading platform. This announcement subsequently caused the price of Ethereum Classic to rise more than 25 percent.

At 01:14 GMT, the cryptocurrency was worth about $12.9, but after about an hour ETC’s price had jumped by more than 25 percent to $16.2.

ethereum classic price chart

Ethereum Classic was created in 2016 after a tough objection to changes in Ethereum platform by the developing team which ultimately led to a hard fork. ETC is presently the 18th most valued digital currency, worth $15.47, and have a market cap of $1.6 billion, according to Coinmarketcap.

Coinbase, the white-hot cryptocurrency exchange, presently provides support for 4 cryptocurrencies namely: BTC, BCH, ETH, and LTC. According to the exchange in a blog post, it will release the launch date after the completion of the technical integration process, which would take some months. The blog post reads:

“[W]e will now begin the engineering work (Step 4) for supporting Ethereum Classic. As part of this process, customers can expect to see public-facing APIs and other signs that the asset is being added. When we reach the final testing phase of the technical integration, which we expect to occur over the next few months, we will publicly announce a launch date for trading via our blog and Twitter (Step 5).”

Cryptona.co had reported that Coinbase has the intention of supporting ERC20 tokens on its platform. The exchange stated that the ERC20 tokens support would “paves the way for supporting ERC20 assets across Coinbase products in the future.” However, the exchange did not disclose the future tokens to enlist.

What do you think about Coinbase’s decision to support Ethereum Classic on its platform? Tell us in the comment box.

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