Coinbase announces forthcoming support for Ethereum Classic

ethereum classic

Popular US-based custodial service and exchange Coinbase first announced its support for additional assets based on Ethereum’s ERC-20 token standard earlier this year, and now the platform has confirmed its plans to list Ethereum Classic in the months ahead.

In a statement posted on its official blog, Coinbase offered that “We are pleased to announce our intention to add support for Ethereum Classic (ETC)to Coinbase in the coming months. We are announcing this both internally and to the public consistent with our process for adding new assets.”

The news, of course, affects Coinbase’s wide range of products beyond just its custodial services. Beyond the addition of support Ethereum Classic deposits and withdrawals, the cryptocurrency will additionally find support on Coinbase Markets in addition to Coinbase Pro – the newly-rebranded incarnation of the company’s GDAX exchange.

Coinbase’s recently-launched Index Fund will further re-balance to accommodate the asset. Presently, the funded is constituted by a basket of assets comprised of 62 percent Bitcoin 27 percent Ethereum, 7 percent Bitcoin Cash and 4 percent Litecoin.

Teasing future assets, Coinbase confirmed its plans to subsequently list both ERC-20 assets as well as those that are the result of Bitcoin forks.

For consumers who held Ethereum at the time of its hard fork in July 2016 and have subsequently not withdrawn their Ether from the platform, Coinbase has confirmed it will issue credit (in the form of ETC) to consumers upon the launch of Ethereum Classic trading.

Coinbase has not, as yet, issued a firm date as to when consumers can expect to begin trading Ethereum Classic. In a statement, the company iterated that “…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.”

Ethereum Classic is up by 22.52% day-on-day, and presently trades at $15.80 USD.

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